Just in case you have missed the e-mail notifications and missed the wording on the annual tax letter, the 2009 annual tax letter from our Accountants contained some very good news! Shareholders are able to claim $71.9053 per share on their federal taxes for the Residential Energy Tax Credit. This is in addition to the normal annual mortgage interest deduction and the real estate tax deduction.
If you have not already filed your 2009 federal tax forms, please include this amount on Form 5695 for up to a maximum tax credit of $1,500. Use IRS Form 5695 to calculate your specific amount you can claim (the amount transfers to IRS Form 1040 line #52). Be sure to direct your accountant to include this amount on your return.
If you have already filed you 2009 tax forms and did not include this amount, you may wish to consider amending your return. It is recommended that you please talk to your accountant about how to do this (or use Form 1040x or similar) as this could increase your refund or decrease your amount due.
This tax credit is only for holders of corporation shares as of 12/31/2009. Please see attached letter where the wording is highlighted.
Your Board of Directors