Facebook
Twitter
LinkedIn
YouTube
Close
Back

Client Login

- Individual Clients
- Business Clients
- Client Employee


Forgot Your Password? Please try logging in with the last password you remember first. (If that fails, you'll be able to reset your password on the next page.)

BOSS™ Accounting Software Login

(QuickBooks and Peachtree)

BOSS™ Accounts Payable Documents Login


Video Meeting

Join a scheduled video meeting with our staff.
Close
Send Request

Home Energy Credits Still Available for 2011

September 21, 2011

The IRS recently posted a reminder to homeowners that there is still time this year to make energy-saving and green-energy home improvements and qualify for credit.

The first of these credits, termed “The Nonbusiness Energy Property Credit”, is aimed at homeowners who install energy-efficient improvements such as insulation, windows, and furnaces. The credit is more limited than in the past years, but can still provide substantial tax savings. The following is a summary of this 2011 credit:

  • - Credit rate is 10% of the cost of qualified energy efficiency improvements, which include adding insulation, energy-efficient exterior windows and doors, and certain roofs.
  • - Credit can be claimed for the cost of residential energy property, including labor costs for installation (includes certain high-efficiency heating and air conditioning systems, water heaters, and stoves that burn biomass fuel).
  • - Credit has a lifetime limit of $500 (of which only $200 may be used for windows). If the total of non-business energy property credits taken in prior years since 2005 is more than $500, the credit may not be claimed in 2011.
  • - Qualifying improvements must be placed into service to the taxpayer’s principal residence located in the United States before January 1, 2012.

The second credit, termed “Residential Energy Efficient Property Credit,” is designed to spur investment in alternative energy equipment. The following is a summary of this 2011 credit:

  • - Credit equals 30% of what a homeowner spends on qualifying property, such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property.
  • - No cap exists on the amount of credit available (except for fuel cell property).
  • - Labor costs are typically included when figuring this credit.

Not all energy-efficient improvements qualify for these tax credits. Homeowners should check the manufacturer’s tax credit certification statement before they purchase.

For more information on Home Energy Credits for 2011, contact our office.

POSTED BY KURT RICKHOFF ON 2011-12-02

   

Back to List


Client Center

Back

Client Login

- Individual Clients
- Business Clients
- Client Employee


Forgot Your Password? Please try logging in with the last password you remember first. (If that fails, you'll be able to reset your password on the next page.)

BOSS™ Accounting Software Login

(QuickBooks and Peachtree)

BOSS™ Accounts Payable Documents Login


Video Meeting

Join a scheduled video meeting with our staff.

Using Your Client Organizer
How to Review My 1040

Memberships

We Are Only Successful
If Our Clients Are Successful

Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.

  •  
    "Mr. Rickhoff was nominated by the members of the association [PASBA] to receive this outstanding award that honors a member who has consistently demonstrated the beliefs of the association's motto, Teach-Share-Learn."
    - Professional Association of
    Small Business Accountants

Latest from Our Blog