We survived the recent holiday arctic blast with memories of the 2021 winter storm still lingering on our minds. Many of us have now begun to plan for the upcoming winter season by undertaking energy improvements to our homes. If you anticipate making some home improvements be mindful that being selective could result in tax savings.  Homeowners can claim various tax credits for making specific energy-saving improvements such as improving insulation, replacing old windows and exterior doors, and installing a qualified furnace or water heater.  Generally, these run as much as 10 percent of the expenditure up to $500.  There’s also a 30 percent residential credit for installing solar panels, solar water heating equipment, a geothermal pump, and more. For solar, 30 percent applies through 2032 and there is no maximum amount that can be claimed. Generally, unused credits can be carried forward to subsequent tax years.  

Contact us to find out if you could uncover some tax savings from your home improvements!