As I write this I am surprised at the sometimes lack of interest in the $ 1500 tax credit for energy efficiency improvements to your home. Now I do realize that the credit is in some ways hard to understand but is anything the Federal Government easy to understand – i.e. read the tax code or a Medicare Benefit statement. This is, however, something to take advantage of this year and in 2010. Find a remodeling contractor who has an understanding of what is happening in this area, confirm that information with your accountant, and save 30% on a product for your home that qualifies. It really is a great deal. You get a 30% discount from your taxes, you get continuing energy savings on your elelctric, oil or other utlilty bill, and you enjoy a more comfortable home. It ‘s a win all around. Good luck and go for those savings.
Posts Tagged ‘Home Improvements’
In reviewing the documentation on the energy tax credits for home improvements I would agree with many who talk about the confusing nature of the explanations. We do need to be aware that despite the confusing nature of what products are available for the tax credit it is a 30% tac credit. This amount of credit is worthy of the research involved in figuring out what it is involved. On regular projects, i.e. replacement windows, doors, etc there is a cap of $ 1500 and you only get the credit on the material itself. Sounds pretty simple until you figure out that the windows you use in one location i.e. Florida that qualify there do not qualify in say Maryland where I live. The same is true the other way in that the windows that qualify in Maryland may not qualify in Florida. It is important to deal with a contractor who is knowledgeable about what products qualify and what documentation is needed when you get ready to fill out your 2009 taxes. From what I’ve seen I do not expect your accountant to figure it out as he’s not into home improvements. We have been working on giving people the documentation and saying take this to your accountant when you do your 2009 taxes and get the 30% tax credit. Best wishes in taking advantage of a great opportunity in improving your home and getting a 30% tax credit to boot !!