It may be continuing to snow outside, but that doesn’t mean that April 15 isn’t sneaking up! To get you ahead of the game, we’ve prepared this short guide to getting the federal tax credits.

Disclaimer: We recommend using an accountant; all resources we give here are purely for informational purposes, and not official tax advice.

Residential 30% Federal Tax Credit

As we mentioned last month, the 30% federal tax credit covers labor and equipment costs for your solar energy system.

Start by retrieving IRS form 5695, entitled “Residential Energy Credits.” On the second page of this form are two lines where you can total the costs of your PV and/or solar hot water systems. Simply use the full contract price paid to ReVision Energy. If you’re missing that information, contact us and we’ll get it to you tout de suite!

You have our assurance that the system we installed for you meets the federal guidelines, but if you need some resources to send to your accountant, try these:

• DSIRE – Residential Renewable Energy Tax Credit
• 2011 Federal Tax Credits for Consumer Energy Efficiency
• Federal Solar Energy Incentives FAQ (PDF Download)

Businesses: Make Sure to Claim Bonus Depreciation!

Did your business get solar installed last year? Then don’t forget to claim your bonus depreciation for the 2010 tax year!

This additional benefit can result in thousands of extra dollars in your pocket today. This one really requires accounting resources to figure out, but may we direct you to:

• DSIRE – Modified Accelerated Cost-Recovery System (MACRS) + Bonus Depreciation (2008-2012)
• IRS Form 4562 – Depreciation and Amortization (Including Information on Listed Property) (PDF)
• IRS – Instructions for Form 4562 (PDF)