Sometimes the line between a profitable business and a successful family environment can be blurred, especially when it comes to tax season given all those hidden credits and possible deductions. Creators of an energy saving app, Homeselfe (which has these devices available for both professionals and homeowners), has presented some of their findings when they recently released an infographic about qualifying for home energy tax credits.
When it comes to using verbiage within this particular concept, it happens to come from a viewpoint that some homeowners will see unclearly. For example, homeowner tax credits are available through a “non business energy property credit” and this type of vernacular causes some confusion with homeowners and business people alike when it comes to preparing their return(s).
Long-Term and Short-Term ROI
While this may be left to our tax professionals to handle, we still need to deliver the appropriate information to them so we can receive our reward. Some homeowners sign up for energy efficient programs that will give them immediate savings on their monthly bills, but what about long-term advantages and tax rewards?
Installing solar panels, adding additional insulation in walls and attic spaces, providing newer sealants, replacing outdated appliances with Energy Star ® models will save all on energy, but they can also offer a kickback from Uncle Sam. Some of these clean energy ETF options and replacements may seem small when looking at the big picture, but as any good accountant will tell you, they all add up in the long run.
Although you shouldn’t need a legal or financial degree to figure out what tax credits we’re due as homeowners or as a business owner, sometimes Uncle Sam makes it appear that way. Check out this infographic “Do You Qualify For A Home Energy Tax Credit” to help clear these muddy waters for homeowners.