Don’t Let this Money Slip Away!
Tax Benefits for Homeowners
Between now and December 31, 2016, homeowners who install qualifying solar power systems can claim a 30% federal tax credit on the cost of such systems, including the installations costs.
Tax Benefits for Businesses
Installation of Solar
Between now and December 31, 2016, businesses that install qualifying solar power systems can claim a 30% federal tax credit on the cost of such systems, including the installation costs. Businesses will also be able to recover their investment through accelerated depreciation. For 2011, businesses will be able to claim an additional 50% “bonus depreciation” for qualifying solar power systems placed into service in 2011.
For 2011, businesses may, instead of claiming a tax credit, obtain a grant in lieu of the tax credit, meaning you will not have to wait to file your tax return to obtain the benefit.
Energy Efficiency – EPACT 2005
Between now and December 31, 2013, businesses that make qualifying energy efficiency improvements may claim a separate deduction for such expenditures. The Energy Tax Incentives Act of 2005 provides immediate tax deductions for qualifying investments (renovations / improvements / retrofits) that reduce energy costs for commercial buildings on a whole/partial-building basis while achieving specific energy cost reductions above ASHRAE 2001 building energy code standards. Such improvements may include changes to the lighting, HVAC, or building envelope and must be part of a plan to reduce the total annual energy and power costs related to such systems by 50% or more.
Cost Segregation
Cost Segregation is an IRS-approved application by which commercial property owners can accelerate depreciation and reduce the amount of taxes owed. This savings generates substantial cash flow that owners often use to reinvest in the business, purchase more property, apply to their principle payment or spend on themselves.
Got Tax Questions?
Sun Flower Tax
301 West G Street, Suite 324, San Diego, CA
tel: 619-231-2712 | fax: 619-330-4832
goinggreen@sunflowertax.com
www.sunflowertax.com
31995 Corte de Pinos, Winchester, CA. 92596 ~ Tel: 951-926-3071 ~ F: 951-926-2018
Koll Center, 501 W. Broadway, Suite 800, San Diego, CA 92101 ~ Tel: 619-209-8346