<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - 12 Electric and hybrid vehicles eligible for a $7,500 tax credit"/><p class="gnt_ar_b_p">Tax season officially starts early next year, but there are a lot of tax-saving steps that must be taken by Dec. 31. </p><p class="gnt_ar_b_p">Some of the most lucrative ones come courtesy of the <a target="_blank" href="http://www.usatoday.com/story/money/2023/05/25/guide-to-the-inflation-reduction-act/70249464007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Inflation Reduction Act</a>, which offers beefed-up tax credits to upgrade the <a target="_blank" href="http://www.usatoday.com/story/news/2023/03/13/save-money-cars-solar-heating-and-more-ira-tax-credits/11384858002/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">energy efficiency</a> of your home and for car buyers to electrify their vehicles. Other ones include the usual deductions for charitable donations, 401(k) funding and securities losses. If you’re a senior, you’ll also need to know the <a target="_blank" href="http://www.usatoday.com/money/blueprint/retirement/required-minimum-distributions-table/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">required minimum distribution</a> (RMD) rules, which changed with <a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2023/07/25/tax-high-income-earners-catch-up-contributions/70458275007/#:~:text=Secure%20Act%202.0%2C%20passed%20last,or%20with%20after%2Dtax%20money." data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Secure Act 2.0</a>, or face steep penalties. </p><p class="gnt_ar_b_p">This may all sound complicated and time-consuming, especially with busy yearend holiday activities in the mix. So, we’ll break it down here for you so you can move quickly to take advantage of as many tax-saving moves as you can before time runs out. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><h2 class="gnt_ar_b_mt">What energy-efficient home improvements qualify for tax credits? </h2><p class="gnt_ar_b_p">Improvements that may <a target="_blank" href="https://www.irs.gov/credits-deductions/home-energy-tax-credits" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">qualify for a tax credit</a> include: </p><p class="gnt_ar_b_p"><em>Home clean electricity products</em> </p><p class="gnt_ar_b_p"><strong>◾</strong> <strong>Solar panels for electricity</strong> from a local provider. </p><p class="gnt_ar_b_p">◾ Home backup power battery storage with a capacity of 3 kWh or greater. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p"><em>Heating, cooling, and water heating</em> </p><p class="gnt_ar_b_p"><strong>◾</strong> <strong>Electric or natural gas heat pumps; electric or natural gas heat pump water heaters; central air conditioners; natural gas or propane or oil water heaters; natural gas or propane or oil furnaces or hot water boilers</strong> that meet or exceed the specific efficiency tiers established by the Consortium for Energy Efficiency. </p><aside class="gnt_em gnt_em_anc" id="gnt_atomsnc" data-g-r="lazy" data-gl-method="loadAnc" aria-label="Newsletter signup form"/><p...</strong></p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/taxes/2023/11/12/save-on-taxes-moves-to-take-before-yearend/71516966007/">Read more <span>➤</span></a> </div>
