Reap energy incentives
The Energy Tax Incentives Act of 2005 provides more than $14 billion in
tax breaks to promote energy production and conservation. Although most
of the incentives are reserved for energy producers, businesses and
consumers can benefit as well. Tax breaks for companies include a:
- $2,000-per-unit tax credit for
construction of new homes that meet a 50% energy-efficiency standard,
- $1,000-per-unit credit for manufactured
homes that meet a 30% energy-efficiency standard,
- Deduction for qualifying costs of major
energy-saving improvements to commercial buildings, and
- Credit for manufacturers of
energy-efficient appliances.
Individuals can claim a 10% credit up to
a $500 lifetime limit for certain energy-efficient home improvements and
a 30% credit for qualifying home installations of solar hot water
heaters, electricity-generating solar equipment or fuel cells. The act
also replaces the deduction for hybrid and other fuel-efficient vehicles
with a credit.
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Boost your business’s
brainpower through business intelligence
Making uninformed decisions can cost your company dearly in
mistakes and lost profits. As your business’s operations
grow in size and complexity and competition intensifies,
developing a business intelligence competency becomes
increasingly important. The ability to make effective
decisions quickly is essential to keeping a step ahead of
competitors.
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Don’t let the well run dry
Cost-saving strategies
The inclination of human nature is that the more money you
make, the more you want to spend. It’s also common to
develop a false sense of security and become lax about
saving. When tough economic times hit, however, those who
don’t save can suffer a blow to disposable income
Read more
Tax Tips
How to succeed in business
A recent Tax Court opinion is good news for students getting
a master’s degree in business administration (MBA). In a
reversal of its previous position, the court permitted a
taxpayer to deduct the cost of obtaining an MBA as a
business expense.
Read more
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It pays to learn about the
education deduction and credits
If you paid higher education expenses in 2005 for
yourself, your spouse or a dependent, you may qualify
for the Hope credit, the Lifetime Learning credit or an
above-the-line deduction on your 2005 federal tax
return, due April 17. But you can’t claim more than one
of these tax breaks for the same student — regardless of
how much you spent on education — so you’ll need to
figure out which one will provide the greatest tax
benefit.
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