I know you saw the word “tax” in the title, and you wanted to say, “Olive, it isn’t even late March yet! I don’t want to worry about taxes just yet… well, maybe just a little.”
Now don’t worry: my job around here isn’t to bring you bad news. When I need to talk about bad news—like a furnace that just won’t turn on—it’s only because I can offer you ways to turn that into goods news. And in this case, I only have good news about when it comes to taxes: Thanks to the American Tax Payer Relief Act of 2012, you may be eligible for a tax credit if you purchase or purchased certain types of heating, AC, and ventilation equipment between January 1, 2012, a December 31, 2016. Yes, that last date is in the future, which means you can plan getting a tax credit on your newest installations if you have the right energy-saving equipment.
(By the way, I’m wearing my green-shaded visor right now. It makes me feel very much like a CPA dog as well as an HVAC dog.)
How can I apply?
If your HVAC equipment or improvements qualify for the program, you can claim the 25C tax credit, which is equal to 10% of the installation costs up to $500. The tax credits apply as a direct reduction of your taxes owed. Use IRS form 5695 to calculate and then file for your energy credits. It’s best that you consult with a tax professional so you can completely understand how these tax credits apply to you, as well for as any assistance with tax preparation.
Do you have eligible equipment?
Of course we do! We’re a Trane Comfort Specialist, after all, and Trane manufactures many products eligible for tax credits under this law. There are numerous kinds of Trane systems which qualify, such as split system air conditioners with 16 SEER/13 EER, split system heat pumps with 15 SEER/12.5 EER/8.5 HSPF, high efficiency gas furnace, and advanced circulating fans. You only have to give our team a call, and they can explain all your options when it comes to installing an energy-saving new system that will also reward you with tax credits.
You can learn more details about energy tax credits on Trane’s website.
Call on MK Russell & Abbott when you’re looking for installation of heating and air conditioning equipment in Maryville and Tellico Village, TN.