The saying “health is wealth” has taken on a new definition, thanks to the tax credits the government provides. Before, staying healthy means wealth because you don’t have to spend a significant amount of money on hospital bills. Now, going the healthy route also means saving more money on your taxes.
Three of the best ways you can do so is by opting for renewable energy, opening a health savings account, and undergoing medical procedures that prolong your life. Wherever you are in the country—Albuquerque, Anchorage, or Salt Lake City—call your nearest water heater repair and installation expert and insurance agent, so you, too can enjoy these perks.
Switch to renewable energy
ENERGY STAR certified products are cost efficient not only because you save energy, but also because you can apply for tax credits. The Bipartisan Budget Act of 2018 offers tax credits for renewable energy, particularly geothermal heat pumps, fuel cells, solar energy, and small wind turbines.
You can apply this to your home systems, such as the water heater. When you do, that’s the time you can qualify for tax credits. Just make sure the systems are placed in service and you apply for the credits on or before January 1, 2022. In addition, the property should be your residence and not a place you are renting.[Read more…]