Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080



Financial Services by Sullivan & Company introduces:

Kathy Grow EA/IAR

For over 20 years, Kathy has worked in public accounting. She is an enrolled agent (EA) through the Internal Revenue Service. She specializes in small business accounting, along with business, individual, trust and estate taxation. She has represented clients in IRS audits and in collections. She has performed CFO services for a not for profit and is proficient with non-profit IRS reporting (Form 990).

In 1996 Kathy broadened her interests to financial planning. She has assisted many small business owners set up retirement plans and consults with individuals to aide in their financial decisions.
She currently is a representative of Archer Investment Corporation, a Registered Investment Advisor (RIA) firm.

Kathy is a member of the National Association of Enrolled Agents, the Maryland Society of Accountants and serves as Assistant Treasurer at the Silver Spring church of Christ.
Educational Background: Kathy attended Radford University, followed by accounting and tax education at the University of Marylandís University College and financial coursework through Florida State University.



Paul Sullivan, CPA

Sullivan & Company


Call our Testimonial Hotline & give us your feedback at:


800-609-9006 extension 6072

Here's an Example:



Other Articles

Click here to review

Feature Articles

- How to Save for College Tax-Free
- Tips for Safeguarding Financial Records
- Residential Energy Tax Credits for 2012
- Travel & Entertainment: Maximizing Tax Benefits

Tax Tips

- Managing Tax Records After You File
- 10 Things to Know About Capital Gains
- Injured or Innocent Spouse Relief: The Facts
- Best Filing Status for Married Couples

Financial Planning Tips

- Estate Plan Checkup
- Examine Property Tax Bills
- Budget vs. Actuals
- Investment Review



Residential Energy Tax Credits

for 2012


Summer's here and if you've been thinking about "going green" and making your home more energy efficient, then there's no time like the present, especially if you take advantage of residential energy tax credits still available to homeowners.


The Residential Energy Efficient Property Credit is available to individual taxpayers to help pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and residential wind turbines. Qualifying equipment must have been installed on or in connection with your home located in the United States.

Geothermal pumps, solar energy systems, and residential wind turbines can be installed in both principal residences and second homes (existing homes and new construction), but not rentals. Fuel cell property qualifies only when it is installed in your principal residence (new construction or existing home). Rentals and second homes do not qualify.


The tax credit is 30% of the cost of the qualified property, with no cap on the amount of credit available, except for fuel cell property.


Generally, labor costs can be included when figuring the credit. Any unused portions of this credit can be carried forward. Not all energy-efficient improvements qualify so be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's website or with the product packaging.

What's Included in the Tax Credit?

Geothermal Heat Pumps. Must meet the requirements of the ENERGY STAR program that are in effect at the time of the expenditure.

Small Residential Wind Turbines. Must have a nameplate capacity of no more than 100 kilowatts (kW).

Solar Water Heaters. At least half of the energy generated by the "qualifying property" must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed. The credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling. Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.

Solar Panels (Photovoltaic Systems). Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.

Fuel Cell (Residential Fuel Cell and Microturbine System.) Efficiency of at least 30% and must have a capacity of at least 0.5 kW.

We're happy to help you sort out the tax credits available for your "green" home improvements this summer.


If you have any questions about how to set up residential energy tax credits, please give me a call at 301-657-8080. We can help guide you in the right direction.


To read this article online, click here or go to and click on the Newsletter section.



As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or insurance related issues, at 301-657-8080. 


Regards, Paul Sullivan, CPA

President, Sullivan & Company





Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, Md. 20814 | email: | Like Us on Facebook

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055