It’s that time of year again and we have some great news from the IRS. Many of the home improvement products and services available through Northeast Home & Energy can earn you a tax credit on your 2021 federal income tax because they increase energy efficiency.
If you already filed your tax returns, then you can look forward to possible tax savings next year. For those who took an extension on filing 2021 taxes, it’s not too late to take advantage of government tax benefits.
The IRS provides tax credits for the following energy-efficient improvements:
- Energy-efficient exterior windows, doors and skylights
- Roofs (metal and asphalt) and roof products
- Insulation
In 2021, an individual may claim a credit for 10 percent of the cost of qualified energy efficiency improvements and the amount of the residential energy property expenditures paid or incurred by the taxpayer during the taxable year (subject to the overall credit limit of $500).
Turbo Tax breaks down the credits this way:
- A maximum $200 for windows
- A maximum of $300 for any other single residential energy project.
For more information visit:
https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-questions-and-answers
