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Stephen C. Bach CFP®
Financial Advisor
7:12 Financial LLC
309 Henry Lane
Wallingford, PA 19086
610-892-1718 (Phone/Fax/Text)
712financial@lincolninvestment.com
It's spring, and for many homeowners, thoughts are turning to home renovations. If this describes you, be aware that some qualified home improvements are eligible for tax deductions.
If you use your home partly for business, the full credit is available for business use up to 20%. For more than 20% of business use, the credit is based on the share of expenses allocable to nonbusiness use.
In addition to the energy efficiency credit, homeowners can also take advantage of the modified and extended Residential Clean Energy credit, which provides a 30% income tax credit for clean energy equipment, such as rooftop solar, wind energy, geothermal heat pumps, and battery storage through 2032, stepping down to 22% for 2033 and 2034.
Household savings can range from hundreds of dollars for single items such as an electric cooktop or dryer to $8,000 for a heat pump or cutting home energy use by 35% or more. Rebates will vary based on your household income and where you live since each state will administer the program separately. Rebates may be stacked on top of existing tax credits. For 2025, check with your tax professional as post-election tax changes are expected.
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Advisory Services offered through Capital Analysts, or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker/Dealer and Member FINRA/SIPC. www.lincolninvestment.com
7:12 Financial LLC and the above firms are independent and non-affiliated. Lincoln Investment is the provider of 403(b)/457 plans sponsored by employers and your advisor represents Lincoln Investment when offering these plans.
7:12 Financial LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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