engery tips: 5 (More) Things to Know Before You Claim Your Energy Tax Credit: Part 2 Share
- 01/27/10 03:54 PM
Know If You Are Eligible to Receive Tax Credits If you do not pay taxes, you cannot get the tax credit. Since the energy-efficiency tax credit is "non-refundable," you can't get back more in credits than you paid in taxes. Know When Your Product was "Placed in Service" You can only claim the credit for 2009 if the product was "placed in service" by December 31, 2009. That means that the product was installed and you are able to use it. If you purchased the product in 2009 but did not install it before the end of the year, you will … (1 comments)
engery tips: 5 Things to Know Before You Claim Your Energy Tax Credit: Part 1
- 01/27/10 03:49 PM
Some of the materials you may need this year include receipts, forms, and manufacturer certification statements from any energy-efficient purchases you made last year. Take another look at which products are eligible for energy efficiency tax credits. If you bought one of these products that qualify for a tax credit, there are a few things you should know: Know Your Forms Use the 2009 version of the IRS tax form 5695. Submit this form with your taxes. On the 2009 1040 form, claim your credit on line 52. You cannot file the 1040 EZ form or 1040A form if you want … (0 comments)
Know If You Are Eligible to Receive Tax Credits If you do not pay taxes, you cannot get the tax credit. Since the energy-efficiency tax credit is "non-refundable," you can't get back more in credits than you paid in taxes. Know When Your Product was "Placed in Service" You can only claim the credit for 2009 if the product was "placed in service" by December 31, 2009. That means that the product was installed and you are able to use it. If you purchased the product in 2009 but did not install it before the end of the year, you will … (1 comments)
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