As I’ve written about in the past, for 6 years I’ve volunteered with AARP Tax Aide to prepare free tax returns for senior citizens and those with lower income. It’s fun and rewarding (really!), and as a bonus I get a few tips that could save folks some money! I wanted to highlight two tax credits and give you the official government website links for additional information:

Home Energy Credits: 2023 tax filers could be eligible for an Energy Tax Credit, and if you are, these credits are much better this tax filing season that in years past! Previously, the Energy Efficient Home Improvement Credit was a lifetime maximum credit of $500. Starting in 2023, you could get up to $1200 – $2000 for energy improvements each year, with no lifetime limit. My parents purchased a new energy efficient furnace last year and reduced their 2023 taxes by $600! See the IRS website for details at: https://www.irs.gov/credits-deductions/home-energy-tax-credits

Clean Vehicle Tax Credits: If you are thinking about buying or have already bought an electric vehicle, you may be eligible for a tax credit. Not all electric cars are eligible, and there are limits on your income and the cost of the car. This is the government website to help you determine if you and the vehicle are eligible: https://fueleconomy.gov/feg/taxcenter.shtml , and here is the IRS website detailing the credit: https://www.irs.gov/clean-vehicle-tax-credits  

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