Thursday, August 11, 2011

Another chance for energy deductions

If you have made energy improvements to a commercial building in the last few years but didn't take the federal tax deductions given by the Energy Policy Act of 2005, this may be your lucky year! According to a new IRS Revenue procedure makes it possible for those owners to take deductions for qualifying energy improvements made in earlier tax years without the need to file an amended tax return. Talk to you accountant regarding this adjustment and take advantage of the possible credit.