IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of the Inflation Reduction Act of 2022, aimed at encouraging energy-efficient upgrades.
Taxpayers who installed qualifying energy-efficient improvements such as exterior doors, windows, skylights, insulation, and air sealing systems may benefit from the Energy Efficient Home Improvement Credit. Effective from January 1, 2023, this credit allows for a deduction of 30-percent of the cost of qualified expenses, with a maximum credit of $1,200 for certain improvements and $2,000 for advanced heating technologies annually.
Moreover, the Residential Clean Energy Credit offers incentives for taxpayers who incorporate renewable energy systems into their primary residences, including solar panels, wind turbines, and geothermal heat pumps. This credit equals 30-percent of the installation costs and has no upper limit, barring fuel cell installations, valid through 2032.
The IRS encouraged homeowners to review all requirements and qualifications at IRS.gov/HomeEnergy before making purchases. Taxpayers were also reminded to keep good records of all purchases and improvements to support their claims during tax filing, using Form 5695, Residential Energy Credits. Taxpayers can find additional details on energy.gov, comparing the credit amounts for tax years 2023-2032.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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