Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA
Blog posts concerning Federal Income Tax tips, changes, updates, news and more
* * Purchase Siding Before June 26, 2006, to Qualify for the Energy Credit * * Taxpayers who purchase siding on or before June 26, 2006, may rely on a manufacturer’s certification that the siding is an eligible building envelope component for purposes of the nonbusiness energy property tax credit under code section 25C. A …
For more information visit: http://www.irs.gov/newsroom/article/0,,id=157863,00.html
Some of the credits include: New 10% personal tax credit for energy efficient improvements to existing homes. The lifetime maximum credit per taxpayer is $500 and applies for property placed in service during 2006 and 2007. Homeowners will probably find this credit most appealing. It applies to improvements to a building’s “envelope.” Upgraded insulation; metal …
Updated December 29, 2005 Dealing with the New Rules for Charitable Donations of Autos The IRS recently issued guidance on the new-for-2005 rules for charitable gifts of automobiles [Notice 2005-44, 2005-25 IRB]. When a taxpayer donates property to a charity, the taxpayer can generally deduct the fair market value of the property at the time …