Tax Savings Tips
It’s Tax Time! Energizing Your Savings this Tax Season
Tax time serves as a useful reminder about re-evaluating financial habits and looking for ways to ensure you spend every dollar as wisely as possible. Taking advantage of available energy efficiency tax credits can help you reduce consumption and save money.
If you purchased and installed certain energy-efficient products or renewable energy systems last year, you may be eligible for a 2009 tax credit. If you’re planning on home improvements this year, your energy efficient or renewable energy system upgrades may help save you money on next year’s taxes.
Below are some details regarding federal tax incentives and credits for which you may qualify.
..................
What is it?
Certain energy-efficient products or renewable energy systems for your home are eligible for a federal tax credit. Through December 2010, you can take advantage of a number of incentives related to energy efficiency upgrades to your home
How much is the credit?
Eligible homeowners can receive up to 30 percent of equipment costs (with a cap of $1,500) for things like insulation, windows, heating and cooling equipment and appliances.
How do I get it?
There are two things you need for the tax credit – an IRS form and the Manufacturer’s Certification Statement. Manufacturers are required to certify eligible items – get a copy of this when purchasing from manufacturers, contractors or retailers and keep for your records.
Go to energystar.gov for more information and to access all the necessary tax forms.
