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the CPA Moms * Solar Tax Credit
Tax Credit for Going Solar
Rick Chapo
As we sit in the middle of winter, most people can't believe how high their utility bills are.
Going with solar energy can lower your bills and you get a hefty tax credit
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Deloitte Tax Specialists Offer Reaction To Federal Budget (Marketwire Via Yahoo! Finance)
OTTAWA, ONTARIO--(Marketwire - 03/05/10) - In reaction to the 2010 Canadian federal budget announcement, Deloitte's senior tax leaders today commented on a number of measures as they relate to Canada's...
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Solar Tax Credit
Solar energy is a clean, renewable energy source. The production of solar energy on residential and commercial structures creates no pollutants and is starting to make serious financial sense. In 35 states, the concept of net metering is now an established fact. Net metering simply means you can sell energy from solar panel systems back to utilities, thus eliminating or seriously reducing utility bills. As oil and natural gas costs skyrocket, the Federal Government is doing even more to promote the use of solar energy.
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D.C. Finally Gets Smart, Becomes First U.S. City To Give Out FREE Female Condoms!!! (Bossip)
We clown a lot on here, but AIDs is no joke! We’re actually relieved to see that the District of Columbia is stepping up by becoming the first U.S. city to give out the condoms for free. The sad...
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In 2005, Congress enacted the Energy Policy Act. As part of the act, a tax credit was established for any person purchasing and installing residential solar energy systems for electric and water heating purposes. If you purchase and install solar systems for either of these purposes, you can take a 30 percent tax credit. If you install systems for both of these purposes you can double the tax credit. To avoid tax abuse, each tax credit has a cap of $2,000.
Importantly, tax credits are far more valuable than tax deductions. Tax deductions are taken from your gross income prior to figuring the amount of tax owed. Tax credits are a dollar for dollar reduction of the actual amount of tax you owe. For instance, if you prepare your tax returns and find you owe $5,000 to the IRS, a tax credit would be deducted from this $5,000 figure. In short, a tax credit gives you a lot more bang for your buck.
To claim the solar tax credit, there are a few restrictions and requirements. First, you can't claim the tax credit if you use the solar system to heat a hot tub or pool. Second, the system must be certified by a solar rating certification corporation to establish that you, in fact, installed a working system. Third, the system must be activated between January 1, 2005 and the end of 2007. Finally, you cannot claim the credit if the government gave you a grant or financing to purchase the system, to wit, no double dipping.
When solar energy is discussed as a potential alternative energy source, most supporters point to the environmental benefits. Ultimately, the benefits to ones bank account will really make the difference and the solar tax credit is a solid step in that direction.
Rick Chapo is with http://www.solarcompanies.com - a directory of solar energy and solar power companies. Visit http://www.solarcompanies.com/articles to read more solar electricity articles.
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Enrolled Agent Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Agent Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about the CPA Moms
What Other Authors say about the CPA Moms
Use Tax Credits To Help Finance Your College Education
by P. Nash
Students are always on the lookout for ways to help pay or offset the cost of their tuition. There are various government grants and scholarships available to you if you qualify. But what if you don't...
Tax Planning and Savings
by Brittany Stanzas
Taxes are a necessary evil that you may want to leave to the professionals but there are some basics you can use to minimize the amount of taxes you will have to pay. When planning for your taxes you may...
Tax Refund Email Scam - IRS Warning
by Richard A. Chapo
The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information. Tax Refund Email ScamPhishing scams are...
Factors Affecting Real Estate Taxes
by Clinton Lew
Property investment has never been easy. One of the many things you have to deal with is real estate taxes. Estate taxes, when correctly dealt with, might help you in your investment while if not being...
Real Estate Taxes
by Martin Lukac
Everyone pays taxes all their lives. We pay taxes on our purchases as well as property tax to cover the road in from of our homes, the school down the street and the value of our home.Taxes can be costly...
Income Tax Help
by LeeAnna
There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no...
Tax Returns for the Deceased
by Richard A. Chapo
Two things in life are certain - death and taxes. Here's what to do if the two are combined as far as filing a tax return. Tax Returns for the DeceasedIf a person dies, their finances are immediately converted...
Getting a Tax Credit for Your Kids
by Richard A. Chapo
As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
In the articles shown above on this web site you will find information that has been collected from many independent sources. Each article or item may offers a different point of view, but not necessary that of the CPA Mom's. This information is for general information only.
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