Every year we’re obliged to do our taxes. We take the time to go through every detail of the previous year and find as many deductions as we can. So the good news is, we now have the opportunity to be rewarded for making changes that will help the environment. There are a few tax breaks you can snag if you made the effort to go green this past year.
If you revamped your home in ways including installing dual-paned windows, insulation, low-flow plumbing appliances, tankless water heaters or solar panels, then make sure to find the receipts and have a conversation with your tax preparer. Any of these home changes could lead to some good tax advantages with a little research. And the biggest thing to remember is that these credits apply cumulatively to changes dating back to 2006.
Also, there are tax credits for anyone who drove a two or three wheeled electric vehicle last year, and an even larger tax credit for anyone who drove the 2012-2014 Ford Focus Electric, the 2013 Ford Fusion Energi, the 2013 Ford C Max Energi or the 2011-2012 Nissan Leaf. But make sure to hurry on those tax credits because after the manufacturers sell so many, the credit will cease.
The biggest thing with each of these tax credits is that they are all in danger of being cut, every year. Congress is always under pressure to cut, cut, cut, and the green tax credits are continually targeted. Therefore, take advantage of them as much as possible while they last!