Last week the House approved H.R. 5771, the Tax Increase Prevention Act which will extend numerous tax bills that expired during 2014. The renewal now extends the deadlines to 12/31/14, retroactive to January 1, 2014. Many of these extensions affect the housing industry. Continue reading
As we gather receipts and expenses for our tax returns don’t overlook some of the energy-efficient home improvement tax credits which, originally expired in 2011 and, were reinstated earlier this year. If you made any EnergyStar home improvements from January 1, 2012 or plan to make any improvements this year tax credits up to $500 per project are available for qualifying products. Think about replacing those leaky windows with energy-efficient ones if you haven’t already. This is the year to do it! For a complete list of EnergyStar improvements that are eligible for tax credits and instructions on claiming your credits click here.