How Little Changes Can Save Big on Taxes

April isn’t just the month when most taxes are due; it’s also a month for eco-awareness.

Earth Day 2019 is an event observed annually on April 22. So what does Earth Day have to do with Tax Day on April 15? Quite a bit, actually!

Polston Tax is a full-service tax resolution and accounting firm that focuses on helping business owners with the intricacies of taxes and their business.

Have you always wondered how going eco-friendly can help you save money on taxes? Here are some big-ticket items to be aware of!

Alternative Fuel Vehicles – The tax credit for hybrid cars has expired, so don’t let time slip away for the alternative fuel vehicles credit. The credit is a one-time tax credit of 45 percent of the cost to convert your vehicle to certain alternative fuels, or 45 percent of the cost of purchasing a new alternative fuel vehicle. You have until January 1, 2020, to utilize this tax credit in Oklahoma. 

Energy Star Program – Not just for individuals! Individuals and businesses are eligible for this tax credit. You can use up to 30 percent less energy in your home, as well as having a tax credit. This was originally set to expire in 2016 but has been extended through 2021!

Renewable Energy – This tax credit will cover 30 percent of the cost of a solar water heating system, solar electric, geothermal heat pumps and small wind-energy property. You can use this on any owned home, may it be primary residence or rental! This is going fast – after December 31, 2019, the credits are reduced and expire 2021.

For more information on how you can save on taxes while saving the planet, visit PolstonTax.com.