Energy Credits

[Diane]

Just heard on the Today Show from someone giving tax info for 2009. She mentioned the new energy credits and in her explanation mentioned Washer/Dryers. She did not elaborate, but, I'm thinking that if clients hear this kind of info we are going to get a lot of questions on this subject. No where can I find anything discussing washer/dryers. Am I missing anything?

Diane

[TAXBILLY]

Search irs.gov for Energy Incentives to see a good summary of what's available for the credit.

To my knowledge there is nothing there about washers/dryers.

taxbilly

[Diane]

I've done some searching, and reading of my tax books, and found nothing. But, this isn't the first time I've heard someone mention washer/dryers. To have someone on the Today Show mention them will probably create many questions from clients.

Diane

[JohnH]

I just tell them nothing like this has been covered by any seminars I've attended, but if there's a credit available then I'm sure the person who sold them the washer/dryer had all the details if they referred to a tax credit to induce them to buy. They should ask the salesperson for any documentation he/she has to support the claim and I'll be sure to review it at tax time.

[mcb39]

I just tell them nothing like this has been covered by any seminars I've attended, but if there's a credit available then I'm sure the person who sold them the washer/dryer had all the details if they referred to a tax credit to induce them to buy. They should ask the salesperson for any documentation he/she has to support the claim and I'll be sure to review it at tax time.

I tell them much the same. I say that if there is a credit or rebate offered, it would be through the manufacturer and given to them at the point of purchase. To my knowledge, there are no IRS energy credits for appliances, but I have had inquiries about this for a couple of months now. Having it on Network TV will not help us because many of our clients believe that the general public knows more about what we are doing than we do. That is, until they get into a pickle.

[jainen]

>>if clients hear this kind of info we are going to get a lot of questions<<

What kind of info?

[Diane]

Some info on the Today Show that referred to Federal tax credits mentioning washer/dryers in the same sentence as windows/doors/insulation, etc..

Diane

[JohnH]

It's also helpful to explain to the client that The Today Show isn't a reliable place to obtain quality tax advice. Everyone knows that the only professionals qualified to render detailed guidance on matters of this importance are hairstylists and mechanics.

[Diane]

New Research

http://energystar.custhelp.com/cgi-bin/energystar.cfg/php/enduser/std_adp.php?p_faqid=5941&p_created=1247840438

Check out this web site. It gives particulars on the REBATES that will be available through local utilities in 2010 for some appliances.

Diane

[jainen]

>>mentioning washer/dryers in the same sentence as windows/doors/insulation<<

Was the sentence, like, "There are IRS credits for windows/doors/insulation but not washer/dryers"? Or, like, "There are local credits for washer/dryers and federal credits for windows/doors/insulation"? Or, like, "Manufacturers of washer/dryers have an energy credit that should reduce consumer costs, while homeowners can take direct credits for windows/doors/insulation"? Or, like, "There is an energy credit for conservation measures like new windows/doors/insulation, and another credit for new systems that generate hot water and electricity to run washer/dryers"?

What's wrong with "mentioning" something?

[Diane]

Washer/Dryers were mentioned as possible tax credits along with windows/doors, etc. There are no federal tax credits for washer/dryers - there may be rebates from the utility companies in each State for certain qualified appliances. I felt that mentioning these appliances along with items that qualify for federal income tax credits was misleading.

Diane

[tilt]

Some states do offer a credit for new washers that meet certain specifications. Oregon does, I bought a new washer, had to send purchase information to the state and they sent me back an Appliance Certification Number that I have to put on my state return to receive the credit.

[jainen]

>>Washer/Dryers were mentioned as possible tax credits along with windows/doors, etc<<

In my opinion, such mention would be correct and appropriate. There are indeed several direct and indirect POSSIBLE tax benefits for upgrading equipment related to utility usage, including washers and dryers. Of course, some are only available in specific ways, but nobody thinks the Today Show provides more than general consumer information using common terminology. If our clients come to us with lots of questions, well, isn't that the business we are in? Don't we want opportunities to help them sort through all the possibilities?