01/28/2025
๐ฒ Tax Tip Tuesday ๐ฒ
Did you know? The solar tax credit for home improvement is NON-refundable?? ๐ซ ๐
๐พโโ๏ธ That means you canโt get more back than what you owe in taxes for that year. ๐ But donโt worry!๐ The unused portion of that credit can be applied against future taxes you may owe!๐กWhen you lower your tax debt, you make yourself eligible for a refund or a LARGER refund๐ฐ
Example: If your energy credit is $10,000 and you owe $8,000 in federal taxes, your tax debt is wiped out ($0!) and the remaining $2,000 will lower your tax debt the next year! ๐คฏ Also your taxes being lowered to $0 allows for you to get the maximum in REFUNDABLE credits like Additional Child Tax which can be around $1700!๐ฅณ
Going solar is not only great for your home, it's great for your finances. โจ๏ธ๐๐พ Need help understanding credits and how they directly affect you? My messenger is waiting for you to make an appointment! ๐ฒ๐ผ ๐ค