Earlier this year, the American Recovery and Reinvestment Act (ARRA) outlined some new and expanded tax benefits for individuals and business owners who invest in energy-saving appliances, improvements, or alternate energy sources that result in reduced usage and conserved resources.

Homeowners can earn a tax credit of up to 10% of the cost of solar energy systems, energy-efficient construction, or other alternate energy sources. This isn’t just a deduction of your income—it’s a full credit that is deducted directly from the amount of taxes you’re required to pay.

Each individual improvement is subject to its own set of criteria. Below are some specific green tax incentives available to business owners:

• Commercial buildings: If you build or renovate a commercial building that uses 50% or more less energy than the national average, you may be entitled to a tax credit of up to $1.80 per square foot.
• Combined heat and power systems (CHPs): If you institute a CHP that meets the minimum efficiency specifications, you could be eligible for an investment tax credit of up to 10%.
• Commercial vehicles: If your business uses fuel-efficient hybrid vehicles, you can earn tax credits based on the weight, fuel economy, and purchase price of the vehicle.
• Fuel cells and microturbines: If you invested in these eco-friendly technologies this year to generate electricity and power for your business, you could be eligible for tax credits of 30% of the cost of fuel cells or 10% of the cost of microturbines.
• Solar energy systems: Businesses that use solar energy for lighting, water heating, or electricity can receive up to 30% of the cost of the system in the form of a tax credit.

It’s great that the IRS is taking steps to recognize and reward energy-saving measures, but the specific clauses are complex. Eligibility is dependent on where you live, whether your investment meets specific criteria, and when the energy-saving tactic was put into place. There are extensive provisions, changes, and limitations that can be confusing for the average taxpayer to decipher. To make sure you’re reaping the maximum benefit of the new “green” tax laws, it’s best to consult with your CPA.

It can happen to even the most meticulous filer: after sending off your e-return to the IRS or dropping it in the mail, you notice an error. After the initial flurry of panic, you can relax—your return may technically be out of your hands, but it’s not set in stone just yet.

The IRS has factored in a margin of error for busy taxpayers by providing the Form 1040X. The “X-file” allows you to specify what you reported on your original return, where the error was made, and what the correct figures are. You can even use the form to add or remove dependents or change your filing status. The IRS allows you to file an amendment up to three years after the original filing date.

Below are a few CPA-recommended tips for filing the Form 1040X:

• Indicate the year of the return you’re correcting and include detailed explanations on the back of the form.
• Be sure to include any additional forms or scheduled associated with the change you’re making.
• If you’re amending multiple returns, use a separate form for each year and mail them in separate envelopes.
• Check to make sure your correction doesn’t affect your state taxes; if so, you’ll need to file a separate correction.
• There’s no need to file a Form 1040X if you made a mathematical error on your return; this will be automatically detected and adjusted by the IRS.

Depending on the nature of your error, filing an amended return with the 1040X may work in your favor or could end up costing you. If you neglected to include a source of income in the original return, you’ll probably wind up paying more or receiving less of a refund. But if you’re using the Form 1040X to include an overlooked deductible, you’ll end up reaping some monetary rewards.

Either way, you’re legally bound to correct any errors. It can be tempting to let them slip by, but it’s likely that the IRS will find them sooner or later, and you could face steep interest fees.

There are some additional stipulations and exceptions surrounding tax return amendments. To make sure you cover all your bases, it’s best to consult with your CPA if you discover an error.

1. Medical expenses: If your annual medical bills add up to over 7.5% of your income, they can be written off as a tax deduction. While you can’t count portions that were paid by an insurance policy, any non-covered costs are eligible, including associated expenses like insurance premiums and mileage to and from a treatment facility.
2. Property taxes: As of 2008, married couples filing jointly can enter a standard deduction of up to $1,000 for real estate taxes, and single homeowners can deduct up to $500—even if they don’t have enough deductions to file an itemized return on a Schedule A.
3. Moving costs: It’s one of the most stressful ordeals a family can go through, but at least you can reap a tax benefit if the move was related to a job transfer. Your CPA can identify which moving costs are eligible to serve as deductions, such as mileage, truck rental, and storage fees.
4. Child care: You’ve already resigned yourself to this inevitable expense—but did you know that any child care, preschool, or even summer day camp fees qualify as tax credits if your children attend during your work hours?
5. Working from home: Even if you don’t feel comfortable writing off the corner of the bedroom as home office space, you can deduct any purchases you make that support the work you do at home, such as a laptop, planner, pens and notebooks, business cards, and possibly even Internet access.
6. Job hunting: With rampant layoffs and longer periods of unemployment, this oft-overlooked tax break can mean considerable savings for workers who are seeking a new position within the same field. Keep track of printing costs, travel expenses, recruiters’ agency fees, and any expenses related to your job hunt.

When you work with a CPA, you’ll enjoy the peace of mind that comes with having a fresh (and highly trained) pair of eyes to evaluate your financial situation. After all, wouldn’t you rather be focusing on your business or family than crunching numbers? Let a professional chase down hidden tax deductions, saving you valuable time and money.