Articles & News About Your Credit

H&R Block Helps Energy-Minded Taxpayers Take Credit: Home Improvements Can Earn Taxpayers Green When Filing Taxes

KANSAS CITY, Mo. (BusinessWire EON) July 10, 2007 -- The two-year window to claim the Non-Business Energy Credit for common home improvement projects, such as installing insulation, replacement windows, and certain high-efficiency heating and cooling equipment, expires this winter. The tax credit, which is worth as much as $500, applies to improvements made in 2006 or 2007.

"Simple home upgrades can pay off for months to come," said H&R Block Tax Professional Maggie Doedtman. "Energy-efficient improvements save on heating and cooling costs, and they qualify taxpayers for valuable tax benefits."

Unlike deductions, which reduce the amount of income that's subject to tax, credits are dollar-for-dollar reductions on the amount of income tax paid.

Taxpayers who are considering larger projects have even more to gain. The Residential Energy-Efficient Property Credit is an incentive to install money-saving solar panels, high-efficiency water heaters, fuel cells and other big-ticket items. The credit is worth as much as 30 percent of the investment and remains in effect through 2008.

"This credit is for major investments that probably require more than a do-it-yourself approach," Doedtman said. "Congress has provided a bigger credit to make it worth the taxpayer's time and effort."

More information about energy-efficiency tax credits for automobiles and homes is available at www.hrblock.com. Taxpayers also can visit one of more than 4,000 H&R Block offices that are open year-round to speak with a tax professional about their tax and financial needs.

About H&R Block

H&R Block Inc. (NYSE: HRB) is a leading provider of tax, financial, and accounting and business consulting services and products. H&R Block is the world's largest tax services provider, having prepared more than 400 million tax returns since 1955. The company and its subsidiaries reported revenues of $4.0 billion and net income from continuing operations of $374.3 million in fiscal year 2007. The company has continuing operations in three principal business segments: Tax Services (income tax return preparation and related services and products via in-office, online and software solutions); Business Services (accounting, tax and business consulting services primarily for midsized companies); and Consumer Financial Services (brokerage services, investment planning and related financial advice along with full-service consumer banking). Headquartered in Kansas City, Mo., H&R Block markets its continuing services and products under two leading brands - H&R Block and RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.

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