Legacy Management And Dominick Sartorio Bulletin:IRS Expands Recovery Act Tax Credits

Dec. 6, 2010 - PRLog -- "Properly winterizing a home can be very rewarding to taxpayers with newly expanded energy credits." stated Dominick Sartorio, Director of New Business at Legacy Management Consulting Group LLC. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2010 tax bill as well.

Two home energy tax credits available to taxpayers have been expanded, the nonbusiness energy property credit and the residential energy efficient property credit.

"Because these are tax credits, not tax deductions, they will have a dollar for dollar effect, and will increase a taxpayer’s refund or reduce any actual tax owed." stated Anthony Urbano, Principal at Legacy.

The nonbusiness energy property credit is a tax credit equal to 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The residential energy efficient property credit is a tax credit equal to 30 percent of what a homeowner spends on qualifying property such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property.
Not all energy-efficient improvements qualify for these tax credits. Also, the IRS strongly cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products will qualify for the tax credits. For that reason, the IRS suggests that homeowners check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements.


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U.S. Treasury Circular 230 Notice:  Any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties.

The information contained herein was prepared by Legacy Management Consulting Group, LLC from public documents for general informational purposes.  Its contents should not be construed as professional advice, and readers should not act upon the information contained herein without consulting a professional.  This information is presented without any representation or warranty as to its accuracy, completeness or timeliness.  Transmission or receipt of this information does not create any relationship with Legacy Management Consulting Group, LLC.  Electronic mail or other communications with Legacy Management Consulting Group, LLC cannot be guaranteed to be confidential and will not imply nor create any relationship with Legacy Management Consulting Group, LLC.

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Dominick Sartorio is a veteran sales and operations executive who instigated significant growth at several companies before joining NewYork-based Legacy Management Consulting Group in 2008. Dominick Sartorio holds the position of Director of sales.