Individuals who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be eligible for expanded home energy tax credits as stipulated by the Inflation Reduction Act of 2022. The Residential Clean Energy Credit equals 30-percent of the costs of new, qualified clean energy property for a home in the United States installed anytime from 2022 through 2033. Individuals can claim their Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit for the year the qualifying expenditures are made by filing Form 5695. In claiming these credits, its impotent to keep good records of purchases and expenses during the time the improvements are made. It is also important that individuals understand the requirements for claiming these credits and that they discuss them with their own tax and/or legal advisors before claiming the credits on their tax returns. If you require assistance with the requirements and claiming these credits, the tax attorneys at Wilson Tax Law Group are available to assist.
Wilson Tax Law Group, APLC (www.wilsontaxlaw.com) is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board. Wilson Tax Law Group is exclusively comprised of former IRS litigators and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division and Criminal Division.
For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC
Newport Beach and Yorba Linda, California