There are a number of ways you can save money on your tax return, earning credits by going green and by purchasing energy-efficient appliances and products for instance. Some of these tax-saving credits are only available on a temporary basis however, so read the information below, and take action to claim any credits you may be entitled to.
Going Green with Your Business
The first way to earn significant tax credits is by making use of renewable energy incentives offered by the federal government. At present, the renewable energy incentive is set to expire at the end of 2023, so be sure to put in your claim before then. In order to be eligible, you would have to install either a solar electric system, a solar water-heating system, or a wind-powered system at your residence or place of business. You can also install a geothermal heat pump, which is highly energy-efficient, to claim this credit before the credit period expires.
Another way to earn significant savings is to donate all your used electronic devices to a charitable organization, after which you would receive a credit for the fair market value of those devices. Items such as game systems, cellphones, computers, and other mobile devices would all qualify under this program, and if the total value of your donation exceeds $500, you’ll just have to fill out form 8283 and file it with the IRS.
The Energy Star program is another possibility for any individual or company trying to earn tax credits for the most recent tax year. This program is jointly sponsored by the US Department of Energy and the Environmental Protection Agency, and it focuses on motivating users to go green. There are two ways that you can save money by participating in this program, the first being that you might earn a credit for an Energy Star product you buy. The second way is that the more efficient appliance will shave money off your monthly expenses by operating more efficiently and costing less money to run.
Sometimes, despite good business practices throughout the year, some small businesses end up having a significant tax liability at the end of the year. If you need help in meeting your tax obligations, we may be able to provide financial assistance. Contact us at Porter Capital Group, and our representatives will review some possibilities with you that may help you satisfy your tax obligations with a short-term loan.