Energy Credits? What??

Energy Credits? What??

A couple of people have asked me if they can still get a credit for new windows, or a furnace or other things like that.  And I shake my head sadly and tell them no, because those credits were not reauthorized with the new tax law in 2018.

But yesterday a client called me back and told me I was wrong, that the credits had been reinstated.  And I thought, no they haven’t.  There isn’t even a form for it anymore.  I went to many many hours of classes for this tax year and we weren’t told that.  While we were still on the phone I started googling so could explain to my poor client how wrong she was and why.

And lo and behold… the energy credits were reinstated for 2019.  As far as I can tell, it was announced in February of 2020.  THIS FEBRUARY!  Do you know what I was doing in February?  WORKING.

And it gets better… the credits are retroactive for 2018.  That’s right… RETROACTIVE LAWS, PEOPLE.  While I am really glad those credits are back, because I really believe in encouraging better energy management, I am furious that once again they have changed a regulation AFTER tax season started.  That is not the way it is supposed to work.

I know I have already told several people that those credits were not available for 2019.  So if your return is already complete I will happily amend 2019 for you if you are eligible for the credit.

And we can amend 2018 as well.  I will have to charge a small fee for that, since the credits really really were not available for 2018 until now.  But if you are due a credit I will happily help you get it.

Here’s a link with a more detail and some technical talk:  IRS 2020-44

And guess what, Elizabeth J.?  You are getting a free tax return this year.

By |2020-03-11T21:40:43-04:00March 11th, 2020|FAQs, News|Comments Off on Energy Credits? What??

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