Residential home and property owners who choose to upgrade their HVAC Furnace, Air Conditioners and Hot Water Heaters have tax credits in 2016 that should not be overlooked when they are filing their returns.
Often home and property owners confuse tax credits with tax deductions, so understanding the difference between the two is important. Tax credits are more beneficial in some cases than tax deductions, this is due to credits being a dollar-for-dollar benefit, which will reduce the amount you of tax owe or increase your tax refund. Either way it’s a win-win situation for the home and property tax payer. Deductions on the other hand, only reduce your taxable income without the same dollar-for-dollar savings.
So a wide array of property owners can qualify for tax credits that are designed to encourage energy savings and efficiency, including:
Although there is a $500 overall ceiling, some improvements have individual limits below $500
Commercial and Industrial property owners who choose to upgrade their HVAC Furnace, Air Conditioners and Hot Water Heaters have tax credits in 2016 that should not be overlooked when they are filing their returns.
Often commercial and industrial property owners confuse tax credits with tax deductions, so understanding the difference between the two is important. Tax credits are more beneficial in some cases than tax deductions, this is due to credits being a dollar-for-dollar benefit, which will reduce the amount you of tax owe or increase your tax refund. Either way it’s a win-win situation for the commercial and industrial tax payer. Deductions on the other hand, only reduce your taxable income without the same dollar-for-dollar savings.
So a wide array of commercial and insutrial property owners can qualify for tax credits that are designed to encourage energy savings and efficiency, including:
Although there is a $500 overall ceiling, some improvements have individual limits below $500
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2016 Residential HVAC Tax Credits ...
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2016 Commercial & Industrial Tax Credits ...
