Taxes 2014: 1 Big Break You Shouldn’t Miss

Taking advantage of tax breaks is a great way to pay less to
Uncle Sam. But sometimes, tax laws change, and tax breaks that
used to exist go away. Using those breaks while they’re still
available is always a smart move, but in one particular case,
it’s almost a no-brainer.

In the following video, Dan Caplinger, The Motley Fool’s
director of investment planning, runs through the details on the
residential energy property credit. Dan discusses how the break
offers a tax credit of up to $500 for a variety of home
improvements targeting energy efficiency. Although Dan notes that
the credit used to be higher, taxpayers can still claim it if
they haven’t used it in previous years for anything from
insulation to new windows and other improvements.

Dan observes that as helpful as the credit is, these
improvements often pay for themselves even without the credit,
making the tax break just extra incentive. However, with the
credit slated to expire at the end of 2013, it’s best to go ahead
and use it while it’s available. Dan concludes with the investing
angle for the credit, noting the impact the credit has had on
companies like insulation maker
Owens Corning

and home-improvement retailers
Home Depot

and
Lowe’s

.

Be smart about your taxes

Getting benefits from tax credits is just one way you can help
reduce your bill to Uncle Sam. In our brand-new special report
”
How You Can Fight Back Against Higher Taxes

How You Can Fight Back Against Higher Taxes,” The Motley Fool’s
tax experts run through what to watch out for in doing your tax
planning this year. With its concrete advice on how to cut
taxes for decades to come, you won’t want to miss out.
Click here

Click here to get your copy today — it’s absolutely free.

Fool contributor
Dan Caplinger

has no position in any stocks mentioned. The Motley Fool
recommends Home Depot. Try any of our Foolish newsletter services
free for 30 days

. We Fools don’t all hold the same opinions, but we all believe
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