B & B Business Services LLC

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Looking for high-quality financial and tax advice and complete accounting services at a reasonable price?
Welcome to the web site of B & B Business Services LLC, offering accounting, taxation, and small business consulting services with the personal touch. Our website details a full range of services, contact information, and a company profile, so click around and stay for a while!
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Seven Facts about the Non-Business Energy Property Credit
Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Non-Business Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.
Here are seven things the IRS wants you to know about the Non-Business Energy Property Credit:

The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined.

The credit applies to improvements such as adding insulation, energy-efficient exterior windows and energy-efficient heating and air-conditioning systems.

To qualify as "energy-efficient" for purposes of this tax credit, products generally must higher standards than the standards for the credit that was available for 2007.

Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the packaging of the product or in a printable format on the manufacturer's website.

Qualifying improvements must be placed into service after December 31, 2008, and before January 1, 2011.

The improvements must be made to the taxpayer's principle residence located in the United States.

To claim the credit, attach Form 5695, Residential Energy Credits to either the 2009 or 2010 tax return. Taxpayers must claim the credit on the tax return for the year that the improvements are made.

Homeowners who have been considering some energy efficient home improvements may find these tax credits will get them bigger tax savings next year.
For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/recovery.

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National Association of Enrolled Agents National Society of Accountants Accreditation Council for Accountancy and Taxation Quick Books Professional Advisor Washington Association of Accountants American Institute of Professional Bookkeepers Better Business Bureau