Tax Geek Blog

The Clock is Ticking on Certain Federal Saving Energy Saving Tax Credits for Homeowners; Connecticut Rebates

2010-05-25T16:34:00Z

The Clock is Ticking on Certain Federal Saving Energy Saving Tax Credits for Homeowners; Connecticut Rebates

By Quest contributor: Don Dey

Many Federal energy tax credits for home improvements like replacing older furnaces and air conditioning units with new, Energy Star-rated products will expire at the end of 2010. If your plans for your principle residence or second home include replacing older heating and cooling mechanicals, or other improvements such as a new roof or replacement doors and windows, 2010 might be a good time to do the project.

In general, the Federal tax benefit comes in the form of 30% of the first $5,000 – in other words up to $1,500 – as a non-refundable tax credit. “Non-refundable” just means that your tax bill before the energy credit must be at least $1,500 to get the full benefit – it reduces taxes owed but cannot by itself create a refund.

In addition, in Connecticut there is a $500 credit available from the State for replacing an older, less-efficient furnace or A/C unit with a new, energy efficient one.

Finally, the CT electric companies are offering an additional $500 credit for many of the same upgrades. This $500 can be doubled to $1,000 if you first have an Energy Audit performed by your electric company and then the actual replacement if performed within 45 days, so there is some coordination required regarding the timing. The Energy Audit itself costs $75.

Net-net, if your situation meets the guidelines and the audit and replacement are done within 45 days of each other, you can save up to $2,925 on the project.

Worthwhile tidbits: Tthe labor costs of replacing a roof cannot be included – only the material itself, but installation costs of a replacement furnace or central AC unit CAN be included when calculating the Federal credit total.

For more information see http://www.energystar.gov , http://www.ctsavesenergy.org , and http://www.ct.gov/opm/cwp/view.asp?a=2994&q=451596

Homeowners seminar

2010-02-19T18:09:00Z

For Immediate Release:

Shoreline Business League will present a Free Home Buyer’s Seminar on Tuesday, March 2^nd from 5:30 to 7:00 p.m. at the Guilford Police Department Community Room.

Members of the group and others will speak on topics important to the home buying industry. Topics will include: What Is The Difference Between a Mortgage Broker

and a Mortgage Lender, Which One Do I Need?, Why Do I Need a Home Inspector, Do I Need One Even For a New Home?, Where Does The Purchase of Insurance Fit Into the Process of Buying The Home?, Why Do I Need So Much Money for Closing Fees?, What Is a “Buyers Market” and is it Good for Me?, What Do I Need to Know About Taxes, Are All My Closing Costs Deductible?

Speakers to include: Ed Pellegrino of Coldwell Banker, David Katz of Scholastic Mortgage, Mark Taragowski of Taragowski Insurance Agency, Dana Andrews of Mayer and Associates, CPA, Amanda Tiernan of Tiernan Law Offices and Warren Tomek of Five Star Inspections

For more information or to reserve a space call Stacy at 203-453-5555 x401

What medical expenses are deductable

2010-01-05T21:35:00Z

Abortion, Sterilization, Vasectomy

Acupuncture

Alcoholism

Ambulance

Artificial Limb, Artificial Teeth

Bandages

Breast Reconstruction Surgery

Birth Control Pills

Braille Books and Magazines

Capital Expenses

Car

Chiropractor

Christian Science Practitioner

Crutches

Dental Treatment

Diagnostic Devices

Disabled Dependent Care Expenses

Drug Addiction

Eyeglasses, Contact Lenses, Eye Surgery (laser)

Fertility Enhancement

Guide Dog or Other Animal

Health Institute.

Health Maintenance Organization (HMO)

Hearing Aids

Hospital Services

Insurance Premiums, Medicare B , Medicare D

Laboratory Fees

Lead-Based Paint Removal

Legal Fees

Lifetime Care—Advance Payments

Long-Term Care

Qualified Long-Term Care Services

Chronically ill individual

Qualified Long-Term Care Insurance Contracts

Meals

Medical Conferences

Medical Information Plan

Medical Services

Medicines

Mentally Retarded, Special Home for

Nursing Home

Nursing Services

Operations

Optometrist

Organ Donors

Osteopath

Oxygen

Psychiatric Care, Psychoanalysis, Psychologist

Special Education

Stop-Smoking Programs

Surgery

Telephone or Television

Therapy

Transplants

Transportation, Trips , Lodging.

Tuition

Wheelchair

Wig

X-ray

What Expenses Are Not Includible?

Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby

Controlled Substances(except maybe in california)

Cosmetic Surgery(but not all types)

Dancing Lessons, Swimming Lessons(not always)

Diaper Service (OK, ALMOST ALWAYS)

Electrolysis or Hair Removal, Hair Transplant

Flexible Spending Account, Health Savings Accounts, Medical Savings Account (MSA)

Funeral Expenses

Future Medical Care

Health Club Dues

Health Coverage Tax Credit

Household Help

Illegal Operations and Treatments

Maternity Clothes

Medicines and Drugs From Other Countries

Nonprescription Drugs and Medicines, Nutritional Supplements

Personal Use Items

Teeth Whitening

Veterinary Fees

Weight-Loss Program