How to Receive Your Home Energy Tax Credits

Each tax credit program has its own eligibility criteria, so it’s crucial to review these requirements carefully. Common eligibility factors include:

  • Type of property (primary residence or second home)
  • Installation dates (some credits may require installations to be completed by a specific deadline)
  • Manufacturer certifications and product specifications
  • Maximum credit amounts

Ensure that you meet all the specific criteria for the tax credits you intend to claim.

Keep Detailed Documentation:

Accurate documentation is essential when applying for home energy tax credits. Keep thorough records of all relevant documents, such as:

  • Invoices and receipts for product purchases and installation costs
  • Manufacturer certifications and product specifications
  • Proof of ENERGY STAR ratings or other energy efficiency qualifications
  • Photos or documentation of the completed upgrades

Having these records on hand will simplify the tax credit application process.

File the Appropriate Tax Forms:


Credit: Clark

To claim home energy tax credits, you will need to file the necessary tax forms. Typically, you will use IRS Form 5695, Residential Energy Credits, to report your eligible expenses. Be sure to follow the instructions provided with the form and include all required documentation.

Consult with Georgen Scarborough Associates:

Navigating the tax code can be complex, especially when claiming energy-related tax credits. Consulting with Georgen Scarborough Associates who specializes in helping homeowners maximize their tax credits, can help ensure that you follow all the rules and regulations and maximize your tax savings.

Submit Your Tax Return:

Include your completed IRS Form 5695 and all supporting documents when you file your annual tax return. It’s essential to submit your tax return accurately and on time to receive the energy tax credits you’re eligible for.


Receiving home energy tax credits is a rewarding way to offset the costs of energy-efficient home improvements while contributing to a more sustainable future. By identifying eligible upgrades, researching available tax credits, meeting eligibility requirements, maintaining detailed documentation, and seeking professional guidance when needed, you can successfully navigate the process and enjoy the financial benefits of a greener, more energy-efficient home.

For more information on how to receive credit for your home improvements for 2023 – 2032’s Home Energy Tax Credits, contact Georgen Scarborough Associates at (703) 319-3990 or through their website at


Visit the site for more information:
Making Our Homes More Efficient: Clean Energy Tax Credits for Consumers | Department of Energy

Visit the site for more information:
Home Energy Tax Credits | Internal Revenue Service (

Energy Efficient Home Improvement Credit | Internal Revenue Service (

Frequently asked questions about energy efficient home improvements and residential clean energy property credits — Qualifying Residence | Internal Revenue Service (

How to Write a Financial Statement For a Non-Profit

How to write a financial statement for a non-profit

A financial statement for a non-profit is much more than just a collection of figures and accounting data. While the financial statement does indeed document a non-profit’s incoming and outgoing cash flows for a certain period, it actually does much more than that. It is, in fact, the key to a non-profit’s ability to conduct business successfully and sustainably. By recording the donations, grants and expenditures of the non-profit, a financial statement enables a non-profit to show its business dealings transparently, attract donors and ensure compliance with the relevant authorities. These statements are usually also required for tax purposes.

What goes into a financial statement?

To get a better understanding of the non-profit financial statement, let’s break it down into its four constituent parts and examine each separately. Each financial statement that is drawn up for a non-profit consists of the following:

  • Statement of Financial Position
  • Statement of Activities
  • Statement of Cash Flows
  • Statement of Functional Expenses

The Statement of Financial Position is a summary of the non-profit’s balance sheet at the end of a specific period—usually a particular financial year. It shows the organization’s assets minus its liabilities, reflected in the equation Assets = Liabilities + Net Assets. A non-profit’s assets are all the items or property that it owns or benefits from. Liabilities are what the organization owes. The net assets consist of the dollar value of the residual assets left over once liabilities are taken into account.

The Statement of Activities (income statement) reflects all the business activities conducted by the organization within the given period: all the incoming transactions versus the various expenses. The difference between these two is the change in net assets (net income) for the given period.

The Statement of Cash Flows records all of the movements of money into and out of the organization, providing explanations for all of the revenue and expenses reflected in the previous statements. A Statement of Cash Flows is divided into operating, investing, and financing activities.

The Statement of Functional Expenses shows expenses of each functional area of the organization, such as programs, fundraising, and management. This is most beneficial to non-profits because it enables them to show potential donors exactly how their money is being spent.

If you run a non-profit, you need accurate and thorough financial statements. It is always best to give this task to experienced certified public accountants. Georgen Scarborough is a firm of CPA’s in Vienna, VA. Contact us for more information.

How financial statements can be helpful in decision making

2-financial statements make future decisions on the basis of accurate data

Financial accounting and financial statements are a vital part of a company’s operations. Financial statements can be helpful in decision-making on the basis of making good decisions on accurate data. Properly kept and presented financial records allow companies and outside parties to get a complete picture of the organization’s financial health. Financial statements inform decision-making in the following ways. 

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