Special Tax Breaks in 2008
Make a few infrastructure changes at home or with your business and you could save some money on next year's tax bill. The Energy Tax Incentives Act passed in 2005 gives tax credits to people who make their homes more energy efficient. While some of the less substantial tax breaks expired Dec. 31, 2007, there are a few significant offers that won't end until Jan. 1, 2009.
Granted the payoff isn't extraordinary, it may still be worth the effort. The tax breaks you can enjoy in 2009 for making improvements in 2008 include converting all or some of your home energy systems to solar power. This can really pay off—30% of expenditures are credited up to a total of $2,000. Fortunately installing the equipment has become a lot more affordable and less expensive in recent years.