Energy tax credits for 2015, 2016, available to those who conduct home improvements this year, are now explained in an Examiner.com article published by tax specialist Frank Ellis.
September 30, 2015 — Intended to help homeowners plan for the 2016 tax season, a new Examiner.com article explains various energy tax credits people can use to deduct the expenses of home improvements. These must contribute to the home’s energy efficiency to qualify. The credits also make such renovations more affordable for homeowners, the author says.
One example is the Non Business Energy Property Credit. According to Ellis, it lets the homeowner claim 10% of the price of an eligible property. While it doesn’t include labor or installation, the credit may cover insulation, windows/skylights/doors, storm windows/doors, and metal or asphalt roofs.
Other improvements may include labor/installation, including electric heat pumps, central A/C’s, oil furnaces, natural gas, propane, or hot water boilers, and more listed in the article. Carrying a lifetime limit of $500, the credit is broken down into amounts for specific items such as windows.
The Residential Energy Efficiency Property Credit provides homeowners with a 30% deduction on the cost of alternative energy equipment, according to the author. It covers home improvements such as solar, fuel cell, wind energy, and geothermal heat pump properties. Valid until 2016, the credit has no limit for most property types. Ellis also says if the credit exceeds one’s tax liability, the unused part carries over to the next tax year.
Claiming the credit at tax time, the author notes, can be made easier by using TurboTax. A link to the tool is provided and it presents the correct tax forms based on answers to key questions.
For more information on energy tax credits available in 2016 for home improvements, go to http://www.examiner.com/article/energy-tax-credits-for-home-improvements-2015-2016.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Contact Information
Frank Ellis
Easy Income Tax Filing Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: www.easyincometaxfilingonline.com