While tax season for the year 2021 is officially in the rear-view (amen!), it’s never too early to get started on saving money on next year’s taxes.
Thus, let’s focus our attention on something you (and your clients) may not be utilizing but should be: 179D. The Commercial Buildings Energy Efficiency Tax Deduction — identified simply as 179D, the Energy Policy Act of 2005, or EPAct 179D — enables building owners to claim a tax deduction for installing qualifying systems in buildings. Essentially, the deduction is an energy-related incentive, rewarding taxpayers for making their buildings more energy efficient or implementing alternative energy sources.