Energy Credit is Returned!

The energy credit that was taken away with the 2017 tax act, has been returned to the taxpayers by Congress.  As they so love to do, Congress not only returned the energy credit for tax year 2019, the EXTENDED it back to January 1, 2018.

What does this mean to you? If you did any improvements in 2018 you will want to gather your documentation together (receipts, item information, costs) to see whether or not you could benefit from the credit.  If so, you may want to amend your 2018 return.  Some things to consider: 1) the credit is capped at a $500 LIFETIME benefit, so if you’ve used it all in the past, you cannot use it; 2) the cost of amending your return may be greater than the benefit you receive.  That being said, it is worth gathering your information together, and look back over your past returns to see if you have utilized this credit in the past.

If you did energy improvements, and you want to amend your return, please let us know at your tax appointment.