February 4 – “Deductions and credits”

Today I worked awhile on income tax.  We heard that if you had certain new, energy efficient items installed in your house, then you could get a deduction on your income tax.  We had a houseful of new items installed.  But were any of them up to the government's standard of quality?  That's what I was searching for today.  First I went to the Energy Star website.  They had lists of the products and the qualifications each had to meet to be eligible for the break.  It didn't take long to discover that our new furnace and our new central air conditioner were just under what they needed to be to help us.  New but not good enough.  Looks can be deceiving.  I checked out the hot water heater and the roof and the insulation.  They all probably fit the mold, but I couldn't easily find all the proper numbers and documentation on them right away.  They'll take more research.  Finally I reached the windows.  Our Andersen windows that our friend Ken, the used-to-be-a-builder guy, insisted we get no matter how much they cost.  It took awhile, but I found all the required numbers there.  I found a manufacturers statement certifying them.  And I even found the IRS website page explaining how they fit the requirements.  The limit that can be earned is 30% of whatever you paid for the item, up to $1500.  Every window and door of our house was replaced.  30% of everything came up to more than $1500.  That's when I found something else as well.  The savings is called a tax credit rather than a deduction.   That means you get to deduct it from whatever the total amount of your tax due is, or add it to whatever your refund due is.  Now that will make a serious difference.  Now I actually want to send in my stuff to our accountant.   I finished up work on Sunday's sermon.  It's still on the story of David and Bathsheba.  We'll be there a few more weeks.  I don't think it'll top David and Goliath for number of revisits, though.   I also got ready for home group.  I really don't feel like talking a lot tonight, so I plan to do some music, ask some group building questions, then have everybody choose a few verses from anywhere in the Bible they want and read them.  That's it.  Just everybody read one passage.  Then we'll pray.  Keep it simple.   1 Corinthians 3:11-13 says, "For no one can lay any foundation other than the one already laid, which is Jesus Christ. 12 If any man builds on this foundation using gold, silver, costly stones, wood, hay or straw, 13 his work will be shown for what it is, because the Day will bring it to light. It will be revealed with fire, and the fire will test the quality of each man's work."   Father, watch over the folks in charge of our government.  Income tax time always spotlights them – usually in a pretty bad way.  Amen.