In past years the 28% tax credit was held by Uncle Sam against future tax liability. Now we will be able to apply the credits in the same way we apply things like the child tax credit and IRA contributions. The 2009 1040 has been released by the IRS, but the 5695 won't be final until January 14, 2010. Let's keep our collective fingers crossed!
Thursday, January 7, 2010
Great News For Your 2009 Tax Bill!
It is looking more and more like the IRS will allow the Residential Energy Credit(form 5695) to be directly refundable for tax year 2009. Why is this important?
In past years the 28% tax credit was held by Uncle Sam against future tax liability. Now we will be able to apply the credits in the same way we apply things like the child tax credit and IRA contributions. The 2009 1040 has been released by the IRS, but the 5695 won't be final until January 14, 2010. Let's keep our collective fingers crossed!
In past years the 28% tax credit was held by Uncle Sam against future tax liability. Now we will be able to apply the credits in the same way we apply things like the child tax credit and IRA contributions. The 2009 1040 has been released by the IRS, but the 5695 won't be final until January 14, 2010. Let's keep our collective fingers crossed!
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