Wondering whether there are new policies and tax reforms that can reduce your tax burden? The recently introduced Inflation Reduction Act is a comprehensive policy that addresses inflation concerns and encourages environmentally friendly practices. Let’s explore how the Inflation Reduction Act can be leveraged to reduce your taxes in 2024 in Go Green and Reduce Taxes: Leveraging the Inflation Reduction Act.
Green Living Incentives
Renewable Energy Tax Credits:
The Inflation Reduction Act offers a provision of tax credits for individuals adopting renewable energy sources. Whether installing solar panels or investing in wind energy systems, you are eligible for tax credits that decrease your tax liability.
Energy-Efficient Home Upgrades:
Many of my clients as about this as both buyers and would be sellers looking to increase curb appeal. Yes, tax incentives are available for energy-efficient home improvements. These include upgrading insulation to installing energy-efficient windows and doors.
The Inflation Reduction Act does not immediately sound like a green living and upgrading initiative, which is why it is important for those of us in the real estate industry to explain how these changes impact homeowners. Many of my buyers and sellers on The Main Line are embracing greener living and benefiting from substantial tax savings. If you are thinking about buying or selling on The Main Line, contact Kimmy Rolph Real Estate to strategize the right upgrades for your property or to look for more sustainable homes.
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