Get The Tax Credits You Are Due

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 13, 2010 -- Electric Vehicle Credit. Residential Energy Property Credit. Residential Energy Efficient Property Credit. These are just some of the credits available to you as you get ready to file your 2009 tax return. Staying up with the changes in the tax credit legislation can be a full-time job, so its important to get the help you need to understand the tax credits for which you may be eligible. Following is a limited explanation of some of these credits.

Electric Vehicle Credit: There are two types of credit available, depending on the battery capacity and vehicle size: The Plug-In Electric Drive Vehicle Credit, and the Plug-in Electric Vehicle Credit. Sound the same? The first credit has the word "Drive" in the title, and it applies to full-size (four-wheel) cars. The second is for low-speed or two or three wheel electric vehicles. There are additional requirements as well, but this is the most basic difference between the two.

Residential Energy Property Credit: This credit has increased from 10% to 30% of the cost of all qualifying improvements, and the maximum credit limit is $1,500 for improvements made in 2009 and 2010. This applies to such things as insulation materials, skylights, exterior windows and doors, biomass stoves, central air conditioners and others.

Residential Energy Efficient Property Credit: This credit applies to residential alternative energy equipment such as solar hot water heaters, geothermal heat pumps and wind turbines. A credit of 30% of the cost of the property is allowed.

Darlene Wood CPA and Alyx Cohan CPA work with individuals and small businesses in the Prescott, Arizona area to ensure that you receive all the credits you are due. To learn more or to get help with your tax situation, call (928) 771-1950. Or stop by 100 North Summit Avenue, Prescott, Arizona 86305.

tax credits     tax preparation