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Tax and Tax Information - Green Tax Credits

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Tax and Tax Information * Green Tax Credits

Consumer Energy Tax Incentives   

What the Economic Stabilization Bill Means to You

The recently passed Emergency Economic Stabilization Act of 2008 included, extended and/or amended many consumer tax incentives originally introduced in the Energy Policy Act of 2005 (EPACT).

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New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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About Tax Credits

A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.

Article to continue below----------------------------------------------

New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.
Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.

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Fuel-efficient vehicles and energy-efficient appliances and products provide many benefits such as better gas mileage – meaning lower gasoline costs, fewer emissions, lower energy bills, increased indoor comfort, and reduced air pollution.

In addition to federal tax incentives, some consumers will also be eligible for utility or state rebates, as well as state tax incentives for energy-efficient homes, vehicles and equipment. Each state’s energy office web site may have more information on specific state tax information.

Below is a summary of many of the tax credits available to consumers. Please see the ENERGY STAR®'s Federal Tax Credits for Energy Efficiency at http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

Home Energy Efficiency Improvement Tax Credits

Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in the home can receive a tax credit of up to $500 for improvements "placed in service" starting January 1, 2009 through December 31, 2009. The ENERGY STAR® website has a complete summary of energy efficiency tax credits available to consumers. http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

Residential Renewable Energy Tax Credits

Consumers who install solar electric systems can receive a 30% tax credit for systems placed in service from January 1, 2006 through December 31, 2016; the previous tax credit cap of $2,000 no longer applies. In addition, consumers who install small wind systems can receive a tax credit up to $4,000. Geothermal heat pumps also qualify for tax credits up to $2,000.

Automobile Tax Credits

Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for an income tax credit for vehicles “placed in service” after January 1, 2006 and purchased on or before December 31, 2010. The amount of the credit depends on the fuel economy, the weight of the vehicle, and whether the tax credit has been or is being phased out. Hybrid vehicles that use less gasoline than the average vehicle of similar weight and that meet an emissions standard qualify for the credit. There is a similar credit for alternative-fuel, diesel, and fuel-cell vehicles.

This tax credit will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles. At that point, the tax credit for each company’s vehicles will be gradually reduced over the course of another year. Read the IRS's Summary of the Credit for Qualified Hybrid Vehicles for information on the status of specific vehicle eligibility.

If individuals and businesses buy more than one vehicle, they are eligible to receive a tax credit for each. If a tax-exempt organization buys such a vehicle, the retailer is also eligible to receive another credit. Companies that buy heavy-duty hybrid trucks are also eligible for a larger tax credit.

Consumers who purchase plug-in electric drive vehicles can also receive a tax credit. The credit for passenger vehicles and light trucks ranges from $2,500 to $7,500 based on the tax code formula.

Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the total number of qualified plug-in electric drive vehicles sold in the U.S. exceeds 250,000.



What Other Authors say about Taxes

How Wealth Tax Is Better Than Income Tax by Jim Thio

Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Tax preparation: Should You File Or Pay A Professional? by Kenneth L Myers

You do not have to be a professional to do your taxes however if you have a complicated income structure or are just not quite sure, there are services to help you prepare taxes for yourself or your business....

Child Tax Credit by Tony Robinson

Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Smart Use of After Tax Funds for Retirement by Andy Andersohn

Don’t Neglect After Tax Savings for Retirement We are almost all familiar with retirement savings and investment programs that are pre-tax like 401k’s, 403b’s and IRA’s. These programs give you...

Don't Forget About These Frequently Overlooked Tax Deductions by Gray Rollins

When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...

Top 7 Reasons To File Your Income Tax Returns On Time by Stephen Pope

Here are seven reasons for not being late filing your income tax returns.1. Avoid Late Filing PenaltiesLate filing can result in substantial and continuing penalties. This is in addition to any interest...

How To Prepare Your Income Tax Return by Don Kransteuber

The first step in your income tax preparation is to work out your total income. A person's total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more....

Taxes Necessary Evil by Frank Vanderlugt

Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“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.
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.
To be a member a CPA Mom, Tax Moms, or an Erolled 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.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled 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.
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.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

How Wealth Tax Is Better Than Income Tax by Jim Thio

Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Tax preparation: Should You File Or Pay A Professional? by Kenneth L Myers

You do not have to be a professional to do your taxes however if you have a complicated income structure or are just not quite sure, there are services to help you prepare taxes for yourself or your business....

Child Tax Credit by Tony Robinson

Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

Smart Use of After Tax Funds for Retirement by Andy Andersohn

Don’t Neglect After Tax Savings for Retirement We are almost all familiar with retirement savings and investment programs that are pre-tax like 401k’s, 403b’s and IRA’s. These programs give you...

Don't Forget About These Frequently Overlooked Tax Deductions by Gray Rollins

When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service...

Income Tax Software - The Best Ones On The Market by Mike Singh

There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...

Top 7 Reasons To File Your Income Tax Returns On Time by Stephen Pope

Here are seven reasons for not being late filing your income tax returns.1. Avoid Late Filing PenaltiesLate filing can result in substantial and continuing penalties. This is in addition to any interest...

How To Prepare Your Income Tax Return by Don Kransteuber

The first step in your income tax preparation is to work out your total income. A person's total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more....

Taxes Necessary Evil by Frank Vanderlugt

Ah, taxes. We all pay them. And in contrast to the popular myth that the poor and middle class pay the bulk of the taxes in the United States, in actuality, the rich do.According to the National Taxpayers...