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Tax Smart America® Reports New Tax-Breaks for Energy Related Home-Improvements for 2006-2007
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Added: 05/01/2006
Type: Summary
Viewed: 299 time(s)
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Tax Smart America® Reports New Tax-Breaks for Energy Related Home-Improvements for 2006-2007
Tax Smart America® reported today that passage of the Energy Tax Incentives Act of 2005 provides for two groups of tax credits for home owners who make improvements related to energy-efficiency for tax years 2006 and 2007.
The Energy Tax Incentives Act of 2005 provides for two groups of tax credits for homeowners who make improvements related to energy-efficiency. First any energy-efficiency improvement to the building envelope (exterior of the home) such as doors, windows, or insulation for example and powering equipment. Second, solar panels and other such systems that power homes where the system improves the energy-efficiency may also qualify for tax credits. Tax credits are only available for homeowners under this bill and only apply to the primary residence of the taxpayer.
A homeowner would be allowed to claim a tax credit of up to $500 for making such home improvements that increase the energy-efficiency of the home under the new tax bill.
Some examples of insulation improvements include systems that reduce heat loss or heat gain, exterior windows including skylights and exterior energy-efficient doors. Another example is solar water heating systems whereby a homeowner can obtain a tax credit of up to 30% of expenditures with a maximum of a $2,000 tax credit for installation of these systems to the home. (An exception to this credit is for systems added to the home to heat swimming pools and hot tubs. However these may still be claimed as “medical” expenses if the taxpayer meets the test)
In addition to these federal tax credits, many states are now introducing legislation to pass laws at the state level to provide energy-efficient tax credits to homeowners for such improvements. With rising oil costs and the related costs to consumers for all forms of energy, the next few years may bring an entire volume of such local, state and federal laws to ease the burden on businesses and consumers alike.
A complete copy of the energy savings report can be obtained from the Alliance to Save Energy, a Washington D.C. nonprofit coalition of business, environmental, government and consumer groups whose purpose is to advocate energy-efficiency policies that reduce costs of energy to society. You can visit the organizations web site at www.ase.org
Tax Smart America® went on to state “We see this as an important step in providing lower taxes to homeowners and we support all efforts at the state level to follow this example. We also support such measures for business owners who consume large amounts of energy and we will seek ways to educate the tax professional community on these important tax credits in the months ahead”, this according to Daniel Love, President and spokesman for Tax Smart America®.
Tax Smart America® is offering a Tax Professional Guide free to any tax professional simply by going to the website and registering to the Tax Smart America® News Service and the Tax Smart America® Alerts.
About Tax Smart America® Business Center
Tax Smart America® recently announced it is well underway in its nationwide launch of the Tax Smart America® Business Center License Program to tax professionals, as an alternative to old-style franchise models.
The company has created a number of business support programs offered only at an approved Tax Smart America® Business Center. Clients who use an approved tax professional under the program are invited to attend business support workshops to better understand basic operations from payroll to recordkeeping. A business client is then free to select from a variety of business support services and engage the approved Tax Smart America® Specialist to assist in implementing these important services much like a team approach in developing an overall game plan for the business client.
The company’s expansion plans are an effort to provide small and mid-sized CPA and Tax Firms with an alternative to the more traditional expensive old-style franchise systems, such as those of H&R Block (HRB), Jackson-Hewitt (JTX), and Liberty Tax Services. The unique methods have been in development since early 2000 with a series of innovative business systems that will provide independent tax firms with the benefits of a proven successful business program, while at the same time offer an extremely attractive low-cost license fee.
With estimates reported at more than 60,000 to 70,000 new business start ups each month, the company believes its plans are well positioned to attract tax professionals of all types away from competitors who seem to remain fixed on the more traditional franchise and corporate-owned store model, as well as independent tax firms who desire the benefits offered in the business license models.
The company further stated, “We are very happy at the response we have received from our initial efforts. We are now working with tax professionals in more than 68 cities who have requested our license information kit and we have actually signed license agreements in Southern California as we continue to move our program into the market. We see this as an exciting time with a new future of business licensing systems for the tax industry. We are confident that once a tax professional sees the tremendous value of these methods, they will never consider a franchise system again”, this according to company representative, Daniel Love, who is President of the parent company (SAGE).
The company went on to state that it believes significant change is in the future with such explosive growth in the numbers of new small business start-ups. Under its license model, tax-professionals, will be able to create a unique competitive advantage over the more traditional seasonal tax preparation services of H&R Block (HRB), Jackson-Hewitt (JTX), and Liberty Tax Services.
Tax Smart America®, Tax Smart Centers of America™, Tax Smart University™ and 59-Minute Solutions™, are licensed registered trademarks of (Smart America Group Enterprises). The company offers unique business model and educational systems for tax professionals under a unique license agreement as an alternative to old-style franchising such as that of H&R Block (HRB), Jackson-Hewitt, (JTX), and Liberty Tax.
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