IRS Tax Credits for Energy Savings
Escalating energy prices may have you thinking of installing more efficient windows and doors. And there may be some good tax news for you on that front.
Homeowners installing more energy-efficient fixtures may qualify for up to $500 in income tax credits. Credits are great because they come off the top line, not the adjusted income.
But there are traps to know about before you begin. This credit may only be applied if you make the improvements to your existing home, not a new one.
You can learn all about the traps at www.energytaxincentives.org. You can also find a listing of incentives offered by many public utilities and several states.
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,800 a year in interest. |
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