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Tax and Tax Information - Solar Tax Credit

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Tax and Tax Information * 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

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

Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.

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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.

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

NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...
NARUC Asks For Clarification On Broadband Grant Tax Status (Broadcasting And Cable)
Association says money should be tax...

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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.

What Other Authors say about Taxes

Lump-Sum Social Security Benefits--Tax Election by Alan D Campbell

Sometimes a taxpayer will receive Social Security benefits in one lump sum. A taxpayer might have to pay income taxes on up to 85 percent of these benefits. However, a taxpayer may make an election under...

How to Use an Early Retirement Plan to Secure Your Future by Scott Taylor

<p>In fact many of these people had no intention of retiring and used these generous packages to move into second careers. They did not retire at all until much later, in their sixties. Nowadays,...

A Partial List Of Tax Deductibles by Carl LaFresnaye

The list of tax deductibles allowed by the IRS is so long and complicated that nobody seems to know exactly how many there are. Even Jeff A Schnepper's book How To Pay Zero Taxes, which is actually subtitled...

RETIREMENT TAX HAVENS by Ken Morris

RETIREMENT TAX HAVENSFinancial planning is really life planning. Choosing a home, particularly a retirement home, involves many factors. With state and local taxes on the rise, retirees should look closely...

Income Tax Return Filing 101 by Glenn McDonald

The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...

Top 7 Ways to Minimize Your Income Taxes by Kristine A. McKinley

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:1. Participate in company...

Most Frequently Asked Paye Questions And Answers by Terry Cartwright

<p>What is an income tax code?<p>An income tax code is a reference number which may also include letters or be entirely letters which determines the amount of gross pay which is free of income...


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

Lump-Sum Social Security Benefits--Tax Election by Alan D Campbell

Sometimes a taxpayer will receive Social Security benefits in one lump sum. A taxpayer might have to pay income taxes on up to 85 percent of these benefits. However, a taxpayer may make an election under...

How to Use an Early Retirement Plan to Secure Your Future by Scott Taylor

<p>In fact many of these people had no intention of retiring and used these generous packages to move into second careers. They did not retire at all until much later, in their sixties. Nowadays,...

A Partial List Of Tax Deductibles by Carl LaFresnaye

The list of tax deductibles allowed by the IRS is so long and complicated that nobody seems to know exactly how many there are. Even Jeff A Schnepper's book How To Pay Zero Taxes, which is actually subtitled...

RETIREMENT TAX HAVENS by Ken Morris

RETIREMENT TAX HAVENSFinancial planning is really life planning. Choosing a home, particularly a retirement home, involves many factors. With state and local taxes on the rise, retirees should look closely...

Income Tax Return Filing 101 by Glenn McDonald

The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...

Top 7 Ways to Minimize Your Income Taxes by Kristine A. McKinley

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:1. Participate in company...

Most Frequently Asked Paye Questions And Answers by Terry Cartwright

<p>What is an income tax code?<p>An income tax code is a reference number which may also include letters or be entirely letters which determines the amount of gross pay which is free of income...