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TurboTax 2016 Online Tax Preparation
The residential energy-efficient property credit for solar energy
equipment is extended through 2016.
The 30% credit for businesses on the cost of solar heating units and fuel cells falls to 10% for those that are placed in service after 2016
Turbo Tax 2016 and Tax Changes
With TurboTax 2016 you'll be ready for the Tax Return Changes to come in 2016 and beyond.
TurboTax 2016 Editions:
Free Edition, Basic, Deluxe, Premier and Home + Business
TurboTax 2016 Credits for Energy-Saving Expenditures for the Home.
This Act extends through 2016 for the credit of up to 30% in expenditures to install
- Solar electricity generation equipment
- Solar water heating equipment
- Fuel cell equipment
These credits are for installations in your home. Some other favorable changes were made as well, and they all could benefit your refund amount.
For 2008 - 2016, you can claim the credit for up to 30% of expenditures for
Wind energy equipment and
Geothermal heat pumps.
In general, credit amounts for qualifying expenditures are subject to annual dollar caps on each type of expenditure. However, for 2009 - 2016, there's no longer any cap on the credit for 30% of expenditures for solar electricity generation equipment (before this change, the cap was $2,000 per year). Plus, this credit can now be used on your return filing process to reduce your AMT (Alternative Minimum Tax) liability as well as your regular liability, for 2008 - 2016.
With TurboTax 2016 Software you will able to take full advantage of these credits, all while cutting costs at home. This is certainly an area that will be of greater focus every year with alarming warnings on the rise.
In reality, this is what the world needs to focus on regardless of the real issues in global warming. Simply put, we cant keep polluting without a conscience.
Retirement income no longer taxed in 2016
For people who weren't
thinking of retiring in Georgia, Gov. Sonny Perdue and
the Georgia state legislature want you to reconsider.
With House Bill 1055 signed in May, Georgia will no longer charge taxes to retirement income beginning in 2016.
Sam Bromberg, a personal financial specialist and co-founder of Nova Wealth Management Group, said this new provision may entice upcoming retirees to stay put in the Peach State.
"It's this notion that we're going to attract these people who would otherwise move out of Georgia because they're either going to have large pensions or some kind of liquidating event later in their life," Bromberg said.
As of now, the exclusion for retirement income is set at $35,000 in Georgia. In, the exclusion per person will become $65,000. In, the number will become $100,000. In, the exclusion will be $150,000 and in 2015 the exclusion will be $200,000, according to House Bill 1055.
House bill extends ethanol breaks to 2016
The U.S. government would extend ethanol breaks and a hefty tariff on imports until 2016 under a bill unveiled by two dozen lawmakers on Thursday, reigniting the "food vs. fuel" debate.
Unless Congress acts, three of the four incentives will expire. Sponsors say a long-term extension will assure a home-grown fuel supply and bring cellulosic ethanol, tabbed as the new-generation biofuel, into commercial production.
Food makers, meatpackers, environmentalists and budget hawks attacked the bill as a wasteful subsidy and a contribution to higher food prices by using food crops to make fuel. Brazilians said they can make ethanol cheaper and deserve a shot at the U.S. market.
Federal Investment Credit Extended to 2016 for Microturbine.
(microturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that the eight year extension of the 10 percent federal credit for microturbines through 2016 will continue to apply to purchases of the company's ultra-low emission and ultra-high reliability Capstone MicroTurbine[R] systems. The Act also creates a 10 percent credit for Combined Heat and Power (CHP) systems.