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Tax Credit

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The third time’s the charm, as the saying goes. President Joe Biden made good on his campaign promises and signed the third stimulus bill, styled the American Rescue Plan, into law today. The new stimulus package comes with a few caveats. While it features the same income eligibility cutoffs for full stimulus checks as the […]

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The federal government offers a tax credit of up to $300 for Energy Star-rated air-source heat pumps, but it expires on Dec. 31, 2020. Qualifying geothermal heat pumps are eligible for a 26% tax credit if they're installed before Jan. 1, 2021. The tax credit declines to 22% for systems that come online between Dec. 31, 2020, and Jan. 1, 2022. Some states also offer incentives for air-source heat pumps, such as a rebate of as much as $1,500 in Maine, 0% financing and rebates in Massachusetts, and a $1,000 rebate in New York.

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The last five months have been unlike anything our country has ever been through. A global pandemic has taken the lives of over 100,000 Americans and cratered what was a thriving economy. And just when things started to look better – the number of positive COVID-19 tests resurged.

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Too many people simply assume that they don't qualify for tax credits or don't have enough deductions to itemize. You may be passing up significant savings — especially with tax credits that subtract directly from your tax bill. Remember that some deductions are "above-the-line," meaning that you can take them whether or not you itemize other deductions.

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As Washington tries to figure out ways to mitigate the threats the coronavirus poses to the US economy, President Donald Trump has said he might back a payroll tax cut for workers.

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Tax credits are even more powerful than deductions. Deductions reduce your taxable income, but tax credits subtract directly from your tax bill. Tax credits can be used whether or not you itemize.

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