Erby and Associates - Accounting & Tax Svcs

10/25/2025

10/25/2025

I saw this posted on LinkedIn an found it worthy of sharing with my audience concerning true methods of leadership.

02/20/2025

Erby and Associates, LLC
Accounting and Tax Services
2009 Lynmeade Drive, Nashville, TN 37210 |office (615) 818-0978
Fax (615) 750-2938 Email: [email protected]


Date: February 20, 2025
To: INDIVIDUAL TAX CLIENTS
Subject: ​YEAR END FEDERAL AND STATE INCOME TAXES

I hope that 2024 has been a prosperous year for you. In preparing your tax forms for 2024, it may be advantageous to review some personal tax planning opportunities that may exist at this.

Your return should not be prepared by guesswork. You should gather the following statements, documents and related information so your taxes can be prepared accurately.

NOTE: State returns and payments must be filed no later than the fifteenth (15th) day of the fourth month following the end of the business’ fiscal year. For instance, businesses whose fiscal year ends on December 31 must file and pay their business taxes on or before April 15th of the following year.

Now that the 2024 tax season is open, I want to remind taxpayers to make sure they've got what they need before they file and to consider free resources available to help them get organized.

Don't file before ready
While taxpayers should not file late, they also should not file prematurely. People who file before they receive all the proper tax reporting documents risk making a mistake that may lead to processing delays.
Typically, year-end forms start arriving by mail – or are available online – in January. Taxpayers should review them carefully. If any of the information shown is inaccurate or not available, taxpayers should contact the payer right away for a correction or to ensure they have their current mailing or email address.

What’s New for tax year 2024
Standard deduction amount increased. For 2024, the standard deduction amount has been increased for all filers.
• $14,600 - Single or Married filing separately.
• $29,200 – Married filing jointly or Qualifying surviving spouse.
• $21,900 – Head of household.
Updated reporting requirements for Form 1099-K:
• For 2024, payment card companies, payment apps, and online marketplaces will be required to send you a Form 1099-K when the amount of business transactions during the year is more than $5,000. In calendar year 2025, the threshold will lower to more than $2,500 and for 2026 and later years, The threshold will be more than $600.

View IRS account information online
Individuals can use their IRS Online Account to securely access information about their federal tax account, including payments, tax records and more.

You can also now make and track payments and manage communication preferences, including the option to go paperless and request email notifications for certain notices available online. Taxpayers are encouraged to register for an online account, if they haven't already, or sign in to access this information and explore these new features.
Important 2024 tax documents
Organized tax records make preparing a complete and accurate tax return easier and may help taxpayers find overlooked deductions or credits.
Taxpayers should wait to file until they have all their supporting income statements including but not limited to:
• Forms W-2 from employer(s)
• Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends and distributions from a pension, annuity or retirement plan
• Form 1099-K, 1099-Misc, W-2 or other income statement if they worked in the gig economy
• Form 1099-INT if they received interest payments
• Other income documents and records reporting virtual or crypto currency transactions
• Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage
• Letter 6419, 2024 Total Advance Child Tax Credit Payments to reconcile advance Child Tax Credit payments.


NEW THIS TAX YEAR Erby and Associates, LLC will offer bank products:

WHAT IS A BANK PRODUCT?
A bank product is a service we now offer that allows us tax professionals the option of having our preparation fees taken out of your refund instead of charging our fees upfront. This is optional and not required.

HOW DOES IT WORK?
Money is routed from the IRS to the tax bank of your choice, and then the bank distributes our tax preparation fees directly to us. Simultaneously, the bank issues the taxpayer’s refund via their preferred disbursement method (check, direct deposit, debit card). This is optional and not required.

HOW DOES IT BENEFIT TAXPAYERS?
Bank products help facilitate paying for your tax preparation services. With bank products, taxpayers that can’t afford to pay upfront can still get their tax return done early and pay from their refund. It also offers taxpayers the option to receive cash advances.

DO I HAVE TO USE BANK PRODUCTS?
Using bank products is not mandatory. However, it can be a great option for you.

WHAT ARE THE POPULAR BANK PRODUCTS PROGRAMS?
Bank products come with several general programs; cash advances, start-up loans, pre-season, and in-season loans. Additional bank-specific programs differ from one bank to another. It is important to have a thorough conversation with me before you sign up or decide to make a choice.

CHOOSE DIRECT DEPOSIT
• We encourage taxpayers to file electronically and use direct deposit to get their refunds. Combining e-file with direct deposit is the safest and fastest way to receive a refund. When choosing e-file and direct deposit, most people receive their refunds in less than 21 days.

• People who don't have a bank account can visit the FDIC website or use the National Credit Union Administration's Credit Union Locator Tool to find an institution that allows them to open an account online and for tips on how to choose the right account. Veterans can check out the Veterans Benefits Banking Program for access to financial services at participating banks. Taxpayers can also ask their preparer if they offer other electronic refund options.
• Although most refunds are delivered in 21 days, it could take longer if the tax return includes errors, is incomplete or requires further security review. Paper-filed tax returns and paper refund checks will take even longer this year.

Employers have until January 31, 2024, to mail out statements to taxpayers.

(1.) RETIREMENT: Age 65 and older:
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
People 65 and up get a larger standard deduction. Using it might save you more money than if you itemized deductions (it’s easier too). Also, if you’re at least 65, you live mainly on Social Security and your additional individual income is less than $25,000 (or less than $32,000 for you and your spouse), you may not have to file a tax return at all.
(2.) ROTH, and IRAs:
For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable compensation for the year.
Amount of your reduced Roth IRA contribution
If the amount you can contribute must be reduced, figure out your reduced contribution limit as follows.
1. Start with your modified AGI.
2. Subtract from the amount in (1):
o $228,000 if filing a joint return or qualifying surviving spouse,
o $-0- if married filing a separate return, and you lived with your spouse at any time during the year, or
o $146,000 for all other individuals.
3. Divide the result in (2) by $15,000 ($10,000 if filing a joint return, qualifying surviving spouse, or married filing a separate return and you lived with your spouse at any time during the year).
4. Multiply the maximum contribution limit (before reduction by this adjustment and before reduction for any contributions to traditional IRAs) by the result in (3).
5. Subtract the result in (4) from the maximum contribution limit before this reduction. The result is your reduced contribution limit.
IRA contributions after age 70½
For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
For 2019, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Can I contribute to an IRA if I participate in a retirement plan at work?
You can contribute to a traditional or Roth IRA even if you participate in another retirement plan through your employer or business. However, you may not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work. Roth IRA contributions might be limited if your income exceeds a certain level.
OTHER TAX MATTERS
Child Tax Credit – The Child Tax Credit helps families with qualifying children get a tax break. You may be able to claim the credit even if you don't normally file a tax return.
Who qualifies
You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States.
To be a qualifying child for the 2024 tax year, your dependent generally must:
• Be under 17 at the end of the tax year.
• Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew).
• Not provide more than half of his or her own support for the tax year.
• Have lived with you for more than half the tax year.
• Be claimed as a dependent on your return.
• Not file a joint return for the year (or filed the joint return only to claim a refund of taxes withheld or estimated taxes).
• Be a U.S. citizen, U.S. National or a U.S. resident alien.
• Must have a Social Security Number that is valid for employment and is issued before the due date of your tax return (including extensions).
You qualify for the full amount of the 2024 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). Parents and guardians with higher incomes may be eligible to claim a partial credit
Earned Income Tax Credit - Income limit for the earned income credit (EIC)
Below is the maximum earned income tax credit amounts; plus, the maximum you can earn before losing the benefit altogether.

2024 Earned Income Tax Credit

No of Children
Max EITC
Max AGI, Single or HOH
Max AGI, MFJ
0
$ 632
$18,591
$25,511
1
$4,213
$49,084
$56,004
2
$6,960
$55,768
$62,688
3 or more
$7,830
$59,899
$66,819

Phaseout amount begins at:
1. Single, head of household, or widowed: $10,330 for no children; $22,720 with qualifying children
2. Married filing jointly: $17,250 for no children; $29,640 with qualifying children.

The Standard Mileage Rate for 2024: The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2024, the Standard Mileage Rates for the use of a car (also vans, pickups or panel trucks) will be:

• 67 cents per mile for Business
• 14 cents per mile for Charity work,
• 21 cents per mile driven for Medical, or Moving purposes,
NOTE: 22 cents per mile - Depreciation included in Standard Mileage Rate. Also, you CANNOT deduct actual car expenses if you elect to use the mileage deduction. Also I advise everyone to keep your vehicle service record invoices or maintain a mil. e log to avoid a costly IRS audit.

Please do not wait until the last few days before the deadline. This is the best time to start gathering all receipts, records and documents so your return can timely and properly be prepared. I hope that this brief review of some year-end tax planning and tax information will be helpful. If you have any questions regarding these matters or any other tax matters, I shall be pleased to discuss them with you. I look forward to hearing from you very soon. NOTE: All appointments made online receive 20% off your tax return. HURRY, this offer is for a limited time. Visit us at: www.erbyandassociates.com.
Very truly yours,
Mitchell Erby, CEO/ President
Erby and Associates, LLC
PTIN P00937130

We are an IRS Authorized E-file Provider

Accounting, and taxes are what we do best at Erby and Associates. We can replace your back office with accounting, payroll and bookkeeping support. Rely on us.

08/16/2024

Issue Number: IR-2024-214
Inside This Issue

IRS reminds truckers of upcoming tax deadline
WASHINGTON — The Internal Revenue Service reminds those who operate large trucks and buses that the deadline for filing Form 2290, Heavy Highway Vehicle Use Tax Return, is Tuesday, Sept. 3, 2024, for vehicles used in July 2024. The usual Aug. 31deadline is delayed until the next business day because it falls on a Saturday this year.
The tax applies to highway vehicles with a gross weight of 55,000 pounds or more that are registered or are required to be registered under law.
Taxpayers must file Form 2290 by the last day of the month following the month in which the taxpayer first used the vehicle on a public highway during the taxable period, regardless of the vehicle's registration renewal date. The annual taxable period runs from July 1, 2024, to June 30, 2025.
Vehicles first used on a public highway during the month of July 2024 must file Form 2290 and pay the appropriate tax between July 1, 2024, and Sept. 3, 2024. For additional taxable vehicles placed on the road during any month other than July, the tax should be prorated for the months the vehicle is in service. IRS.gov has a table to help determine the filing deadline.
Taxpayers are encouraged to e-file Form 2290. Electronically filing through a provider participating in the IRS e-file program for excise taxes makes a stamped Schedule 1, proof of payment, available in minutes once the return is accepted by the IRS. Generally, a stamped Schedule 1 is required when registering vehicles with a state or entering a Canadian or Mexican vehicle into the United States.
While all taxpayers are encouraged to e-file, taxpayers who have 25 or more taxed vehicles registered in their name must e-file Form 2290. For vehicles with an expected use of 5,000 miles or less (7,500 for farm vehicles), a return is required, but no tax is due. If the vehicle exceeds the mileage use limit during the tax period, the tax becomes due.
File and pay the easy way
E-filing Form 2290 is convenient, easy, fast, safe and secure. Here are filing and payment options to consider:
Filing options:
* All Form 2290 filers are encouraged to e-file, a list of IRS-approved e-file providers is on IRS.gov.
* E-file is required when reporting 25 or more vehicles on Form 2290.
* A watermarked Schedule 1 is sent to the e-file provider within minutes after acceptance of an e-filed return. Schedule 1 is available to the taxpayers either through their e-file account or email inbox as directed by the e-file provider.
* If filing by mail, ensure that the correct mailing address is used.
* Mail filers will receive their stamped Schedule 1 within six weeks after the IRS receives the form.
Payment options:
* Credit or debit card or digital wallet.
* E-filing makes paying with electronic funds withdrawal an easy part of the process.
* Electronic Federal Tax Payment System requires advanced enrollment.
* Mail check or money order payments using Form 2290-V, Payment Voucher, to: Internal Revenue Service, P.O. Box 932500, Louisville, KY 40293-2500.
Gather required information
Having correct and complete information ready when filing a Form 2290 will make the process much faster and easier. Taxpayers should have available the following:
* Vehicle Identification Number(s).
* Employer Identification Number (EIN) – not a Social Security number. It can take about four weeks to establish a new EIN. See How to Apply for an EIN.
* Name appearing on the EIN application.
* Taxable gross weight of each vehicle.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/20/2024

Mention this Ad during the month of February and get your taxes prepared for a flat $100.00. This applies to 1040 returns only. Call and set your appointment or go online.

Accounting and taxes are what we do best . Allow us to fill your temporary office vacancies.

01/20/2024

To All 1040 return filers When you Mention this Ad. “It’s Tax Savings Time” get your tax returns prepared for a flat $100.00. This offer is good through the month February only. We pick up and deliver your return to you. Got questions text me or go online and set up your appointment - https://www.erbyandassociates.com or call (615) 568-6438.

01/12/2024

Another Reminder:
File wage statements, independent contractor forms by Jan. 31 deadline
Remind your employer clients they have until Jan. 31 to submit wage statements and forms for independent contractors with the government. New electronic filing requirements affect Forms W-2 that are required to be filed in 2024. Businesses that file 10 forms or more must file W-2s and certain information returns electronically. As an employer if you’re not sure, we can help.

Mitch Erby
Go to: www.erbyandassociates.com
Submit your questions online for quick answers.

Accounting, and taxes are what we do best at Erby and Associates. We can replace your back office with accounting, payroll and bookkeeping support. Rely on us.

01/12/2024

Just wanted to touch base with my followers and clients.

Tax filing season set for Jan. 29
The IRS has announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns. Taxpayers will continue to see helpful changes following ongoing transformation work at the IRS, including:
• Expanded in-person service at the Taxpayer Assistance Centers;
• Increased help available on the toll-free line and an expanded customer call back feature;
• Improvements to the Where's My Refund? tool;
• An enhanced IRS Individual Online Account that includes chat, the option to schedule and cancel future payments, revise payment plans and validate and save bank accounts;
• A new, pilot tax filing service called Direct File that gives eligible taxpayers a new choice to file their 2023 federal tax returns online, for free, directly with the IRS; and
• Enhanced paperless processing.

If you have any questions about filing your taxes we can be reached online and call to make an appointment.

Mitch Erby

12/09/2023

Erby and Associates - Accounting & Tax Services
·
Issue Number: Tax Tip 2023-57
Unscrupulous tax preparers may tempt taxpayers into fraud.
Unscrupulous tax preparers and tax fraud promoters make big promises – and charge high fees – but taxpayers are legally responsible for what's on their return. Taxpayers should use only reputable tax professionals and know what is on their tax return. Although scammers are most active during filing season, they operate year-round, and taxpayers should always be on the lookout for these abusive schemes.

Employee Retention Credit claims - Taxpayers should be aware of aggressive pitches from scammers who promote large refunds related to the Employee Retention Credit. With ads all over the internet, social media and radio, fraudulent promoters try to con ineligible people to claim the credit. These promotions have false information about who’s eligible and how the IRS calculates the credit. Some of these ads exist solely to collect fees from the taxpayer or to take the taxpayer's personal info and steal their identity.

False fuel tax credit claims - The fuel tax credit is meant for off-highway business and farming use and is not available to most taxpayers. Unscrupulous tax return preparers and promoters are enticing taxpayers to inflate their refunds by erroneously claiming the credit.

Schemes aimed at high-income filers - These include schemes like abusing charitable remainder trusts and monetized installment sales.

Bogus tax avoidance strategies - This includes abusive micro-captive insurance arrangements and syndicated conservation easements.

Schemes with international elements - These schemes include a variety of tax evasion strategies including things like:
Hiding assets in offshore banks, brokerage accounts, digital asset accounts and nominee entities or in accounts holding digital assets, such as cryptocurrency.

Attempting to avoid U.S. tax by contributing to foreign individual retirement arrangements in Malta or potentially other host countries. The participants in these transactions typically lack any local connection to the host country.

Participating in a purported insurance arrangement with a Puerto Rican or other foreign corporation in which the U.S. business owner has a financial interest. These arrangements lack many of the attributes of legitimate insurance.

The IRS will challenge the purported tax benefits from these types of transactions and impose penalties. The IRS Criminal Investigation Division is always on the lookout for promoters and participants of these types of schemes. Taxpayers should think twice before including questionable arrangements on their tax returns.
Mitchell Erby, President
Erby and Associates LLC

Accounting, and taxes are what we do best at Erby and Associates. We can replace your back office with accounting, payroll and bookkeeping support. Rely on us.

06/08/2023

Issue Number: IR-2023-112

Inside This Issue

Time is running out: Taxpayers missing $1.5 billion in refunds for 2019 must file by July 17, 2023.

WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline.

The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Available data includes a special state-by-state estimate of how many people are potentially eligible for these refunds in each state and each state’s median potential refund. The average median refund for tax year 2019 was $893.

“Time is running out for more than a million people to get their tax refunds for 2019,” said IRS Commissioner Danny Werfel. “Many people may have overlooked filing a 2019 tax return due to the pandemic. We don’t want people to miss their window to receive their refund. We encourage people to check their records and act quickly before the deadline. The IRS has several important ways that people can get help.”

Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury.

For 2019 tax returns, however, people have more time than usual to file to claim their refunds. Usually, the normal filing deadline to claim old refunds falls around the April tax deadline, which was April 18 this year for 2022 tax returns. But the three-year window for 2019 unfiled returns was postponed to July 17, 2023, due to the COVID-19 pandemic emergency. IRS Notice 2023-21, issued on Feb. 27, 2023, provided legal guidance on claims made by the postponed deadline. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by July 17, 2023.

Taxpayers could lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2019, the credit was worth as much as $6,557. The EITC helps individuals and families whose incomes were below certain thresholds in 2019. Those who are potentially eligible for EITC in 2019 had incomes below:

$50,162 ($55,952 if married filing jointly) for those with three or more qualifying children.
$46,703 ($52,493 if married filing jointly) for people with two qualifying children.
$41,094 ($46,884 if married filing jointly) for those with one qualifying child.
$15,570 ($21,370 if married filing jointly) for people without qualifying children.
The IRS reminds taxpayers seeking a 2019 tax refund that their checks may be held if they have not filed tax returns for 2020 and 2021. In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or past due federal debts, such as student loans.

Current and prior-year tax forms (such as the tax year 2019 Forms 1040 and 1040-SR) and instructions are available online on the IRS Forms, Instructions and Publications page or by calling toll-free 800-TAX-FORM (800-829-3676).

Need to file a 2019 tax return? Several options to get key documents
Although it’s been several years since 2019, the IRS reminds taxpayers there are ways they can still gather the information they need to file this tax return. People should begin now to make sure they have enough time to file before the July deadline for 2019 refunds. Here are some options:

Request copies of key documents: Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years 2019, 2020 or 2021 can request copies from their employer, bank or other payers.
Use Get Transcript Online at IRS.gov. Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. For many taxpayers, this is by far the quickest and easiest option.
Request a transcript. Another option is for people to file Form 4506-T, Request for Transcript of Tax Return, with the IRS to request a “wage and income transcript.” A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return. But plan ahead – these written requests can take several weeks; people are strongly urged to try the other options first.
State-by-state estimates of individuals who may be due 2019 income tax refunds
Based on tax information currently available, the IRS estimated how many people in each state may be entitled to a tax refund. The actual refund amount will vary based on a household’s tax situation.
Sincerely,
Mitchell Erby

05/04/2023

Issue Number: IR-2023-97

Inside This Issue

Going green could help taxpayers qualify for expanded home energy tax credits

WASHINGTON – The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits.

The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home energy tax credits.

What taxpayers need to know
Taxpayers can claim the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit for the year the qualifying expenditures are made.

Homeowners who improve their primary residence will find the most opportunities to claim a credit for qualifying expenses. Renters may also be able to claim credits, as well as owners of second homes used as residences. Landlords cannot claim this credit.

IRS encourages taxpayers to review all requirements and qualifications at IRS.gov/HomeEnergy for energy efficient equipment prior to purchasing. Additional information is also available on energy.gov, which compares the credit amounts for tax year 2022 and tax year 2023.

Energy Efficient Home Improvement Credit
Taxpayers that make qualified energy-efficient improvements to their home after Jan. 1, 2023, may qualify for a tax credit up to $3,200 for the tax year the improvements are made.

As part of the Inflation Reduction Act, beginning Jan. 1, 2023, the credit equals 30% of certain qualified expenses:

Qualified energy efficiency improvements installed during the year which can include things like:

Exterior doors, windows and skylights.
Insulation and air sealing materials or systems.

Residential energy property expenses such as: Central air conditioners.
Natural gas, propane or oil water heaters.
Natural gas, propane or oil furnaces and hot water boilers. Heat pumps, water heaters, biomass stoves and boilers.
Home energy audits of a main home.
The maximum credit that can be claimed each year is:

$1,200 for energy property costs and certain energy efficient home improvements, with limits on doors ($250 per door and $500 total), windows ($600) and home energy audits ($150); $2,000 per year for qualified heat pumps, biomass stoves or biomass boilers.

The credit is available only for qualifying expenditures to an existing home or for an addition or renovation of an existing home, and not for a newly constructed home. The credit is nonrefundable which means taxpayers cannot get back more from the credit than what is owed in taxes and any excess credit cannot be carried to future tax years.

Residential Clean Energy Credit

Taxpayers who invest in energy improvements for their main home, including solar, wind, geothermal, fuel cells or battery storage, may qualify for an annual residential clean energy tax credit. Taxpayers may be able to claim a credit for certain improvements other than fuel cell property expenditures made to a second home that they live in part-time and don’t rent to others.

The Residential Clean Energy Credit equals 30% of the costs of new, qualified clean energy property for a home in the United States installed anytime from 2022 through 2033.

Qualified expenses include the costs of new, clean energy equipment including:

Solar electric panels.
Solar water heaters.
Wind turbines.
Geothermal heat pumps.
Fuel cells.
Battery storage technology (beginning in 2023).
Clean energy equipment must meet the following standards to qualify for the Residential Clean Energy Credit:

Solar water heaters must be certified by the Solar Rating Certification Corporation or a comparable entity endorsed by the applicable state.
Geothermal heat pumps must meet Energy Star requirements in effect at the time of purchase.
Battery storage technology must have a capacity of at least 3 kilowatt hours.
The credit is available for qualifying expenditures incurred for installing new clean energy property in an existing home or for a newly constructed home. This credit has no annual or lifetime dollar limit except for fuel cell property. Taxpayers can claim this credit each tax year they install eligible property until the credit begins to phase out in 2033.

This is a nonrefundable credit, which means the credit amount received cannot exceed the amount owed in tax. Taxpayers can carry forward excess unused credit and apply it to any tax owed in future years.

Additional information is available on the IRS website on qualifying residences and information for taxpayers who also use their home for a business.

When it is time to file a tax return, taxpayers can use Form 5695, Residential Energy Credits, to claim the credit. This credit must be claimed for the tax year when the property is installed, not just purchased.

Good recordkeeping and related resources

Taxpayers are encouraged to keep good records of purchases and expenses during the time the improvements are made. This will assist in claiming the applicable credit during tax filing season.

Other resources:

Energy.gov Credit Comparison Chart
Fact Sheet: Frequently asked questions about energy efficient home improvements and residential clean energy property credits.

In the near future as more information regarding credits for Electric Vehicles (EV) become available, I will do my best to keep you informed on what vehicles would be eligible for the credit and this will include the criteria.

Keep in mind that these post are courtesy the Internal Revenue Service.