Retired in USA

Your golden years are your best years! Make them shine!

  • Home
  • Personal Finance
  • Retirement Life
  • Saving & Spending

7 Ways to Maximize Your Tax Refund in 2023

January 6, 2023 · Personal Finance, Saving & Spending
tax-4
Photo by Ground Picture from Shutterstock

#4 Improve the Energy Efficiency of Your Home

Making your house “greener” is now significantly encouraged under the American Recovery and Reinvestment Act of 2009. The bill doubles the number of tax credits available for improving your home’s energy efficiency, while the percentage return has been reduced from its peak of 30% for upgrades completed before 2020. 

Your tax bill will be affected by tax credits more than by deductions. Tax credits immediately reduce your tax burden, whereas deductions lower your level of taxable income.

If done before January 1, 2023, installing a geothermal heat pump, solar energy system, or wind turbine will now qualify you for a 26% cost refund. The credit decreases the following year to 22%. Installing solar panels typically costs $14,100 in California. Your taxes would be reduced by $3,666 if you made that repair to your house in 2022.

Alternative energy isn’t the only type of energy improvement tax credit available. Tax credits are also available for the simple installation of new, Energy Star-certified furnaces and boilers, though they are less substantial than those for alternative energy. Not all Energy Star-certified products are qualified, so be careful to read the company’s tax certification statement.

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A woman measuring an empty living room with hardwood floors and a brick fireplace using a yellow tape measure. How Much Home Can You Really Afford on a Retirement Income?
  • Retro illustration of a winding highway dividing a coastal landscape with palm trees and a desert with saguaro cacti. 11 States Seeing the Most Retirees Move In
  • Watercolor illustration of a man standing on a stone terrace overlooking a winding hillside road and a distant city. 8 Social Security Rules That Could Shrink Your Check After a Spouse Dies
  • Watercolor illustration of an open weekly planner showing retirement activities like pickleball, gardening, choir, and hiking. 11 Retirement Hobbies That Let You Make Friends Quickly
  • Winding road through autumn and winter landscape with timeline icons for Nov 28, Direct Deposit, and Jan 13. 12 Dates Between Now and January 13 Every Social Security Recipient Should Know
  • A woman in a tan coat carries a tote bag of groceries along a sunny city sidewalk outside an apartment building. 15 US Cities Where Rent Now Tops $2,000 a Month
  • Illustration of an older woman on a garden bench with a laptop, beside drawings of a globe, books, and headphones. 12 Side Gigs Retirees Can Run Entirely From a Laptop
  • People of various ages sit along a long outdoor dining table in a festive town street during sunset. 11 Retirement Towns Where Thanksgiving Feels Like a Community Event
  • Illustration of a woman guiding a senior citizen away from tangled red tape toward a sunlit stone archway. Social Security Number Stolen? A New Law Could Get You Help Faster
  • Smiling older couple carrying a potted tree toward their suburban home with a moving truck parked behind them. 20 of the Best Towns to Retire in 2027

Newsletter

Get retirement tips and senior living advice delivered to your inbox.

Related Articles

A senior couple planning their future on a tablet in a sunny garden setting.

Long-Term Care Insurance: What It Covers and What It Costs in 2027

Discover what long-term care insurance covers, projected 2027 care costs, and average premium rates to…

Read More →
401(k), security check holiday

Social Security Check: 8 Ways to Live a Comfortable Life Off It Alone

#4 Get rid of debt before retiring One way to ensure that the social security…

Read More →
Watercolor and ink illustration of small golden coins slipping out of a tiny tear in a leather wallet, representing silent budget leaks.

6 Signs You’re Losing Money Every Month – and How to Find the Leaks

Discover the 6 most common budget leaks draining your retirement savings and learn actionable strategies…

Read More →
A senior couple smiling while looking at a tablet on a sunny patio, representing financial peace.

Best CD Rates and High-Yield Savings Accounts for Seniors in 2027

Discover the highest CD rates today for seniors and the best high-yield savings accounts to…

Read More →
A woman reviews Medicare Advantage comparison guides and plan documents at a wooden table with a coffee cup.

10 Things Nobody Explains About Medicare Advantage Switching

Discover 10 critical pitfalls when switching Medicare Advantage plans, including reset out-of-pocket maximums, Medigap underwriting,…

Read More →
taxes

Are Trump’s $2,000 Stimulus Payments Coming in 2026?

Is There Enough Tariff Revenue to Pay Everyone? This is where optimism meets economic reality.…

Read More →
An elegant ink and watercolor illustration of a split path representing different retirement saving options under new policy rules.

Who Really Stands to Gain From Trump’s New 401(k) Proposal – and Who Could Be Left Out

Discover how new 2026 retirement proposals, alternative asset rules, and the Saver's Match impact your…

Read More →
Older man holding a phone with a grocery list inspects a red bell pepper beside his shopping cart in a grocery store.

7 Side Gigs Where Retirees Get Paid to Shop

Discover 7 practical side gigs where retirees get paid to shop, earn extra income, stay…

Read More →
Tax Cut state

Tax Cuts in 2023: 6 Surprising Ways It Affects Retirees

A smaller percentage of earnings will be subject to federal income tax The Internal Revenue…

Read More →
Retired in USA

Your golden years are your best years! Make them shine!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Privacy Policy

Categories

  • Enjoying Retirement
  • Personal Finance
  • Saving & Spending

© 2026 Retired in USA. All rights reserved.