Form 5695

I finally started gathering forms and am evaluating who has and has not sent me all the stuff so that I can do my taxes. Seems like something is always late and now I hear that if you have a farm you need to file by March 1st. Yikes!

Since this is a solar blog, I thought it best to remind you to download Form 5695 and Instructions if you bought any solar gear this year! That’s the one for energy upgrades, including solar, that can result in you getting a tax credit.

I have filled these out several times and ended up not getting the credit. That is not necessarily a bad thing. Being retired and lazy I can usually structure my income to a level that does not involve paying taxes. If you don’t owe taxes, you can’t get a credit on them. Sorry. On the other hand, if you don’t owe taxes, is that a bad thing?

If, unlike me, you just installed some solar power and are gainfully employed, take the deal!