State Energy Tax Incentives

 Accounting & Taxation, Tax Tips  Comments Off on State Energy Tax Incentives
Dec 072018

Contemplating an investment in some energy-efficient equipment but unsure as to what tax incentives may be available in your state? The N.C. Clean Energy Technology Center at N.C. State University, funded by the U.S. Department of Energy, maintains DSIRE, the Database of State Incentives for Renewables & Efficiency.

Simply visit the link above and enter your zip code to get a list of potential incentives available in your area.

American Opportunity Tax Credit 2013

 Accounting & Taxation, Tax Tips  Comments Off on American Opportunity Tax Credit 2013
Feb 132014

What began as the Hope Scholarship Credit has morphed into the American Opportunity Tax Credit (AOTC). Set to expire at the end of 2010, Congress first extended it through the end of 2012 under the Tax Relief and Job Creation Act of 2010, and further extended it through the end of 2017 under the American Taxpayer Relief Act of 2012.

The AOTC expands on the original Hope Credit in a number of ways. If you are attending college, or if a dependent of yours is attending college, the possibility of claiming the AOTC during the first four years of post-secondary education should not be overlooked.

When determining the amount of qualified higher education expense (QHEE) to use for the purpose of claiming the credit, remember to include:

  • Tuition;
  • Activity & center fees;
  • Books & study materials;
  • Equipment (including lab equipment, computer purchased for studies, etc.)

Other criteria apply, and the credit may be limited based upon income; nevertheless, the possibility should be explored go to these guys. Please be sure to mention higher education when discussing your tax matters with us.