Welcome Guest. Register Now!  


For 2010 Tips for tax year 2010.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-23-2010, 04:15 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Energy-saving steps can save you tax dollars

Energy-saving steps can save you tax dollars

Interested in making some cost-savings home improvements this year? If so, you’ve picked the right time to do it. Not only can you save money by investing in energy-efficient products, you can also benefit from the tax incentives still offered by the American Recovery and Reinvestment Act of 2009.

If you’re looking at doing any home improvements, such as replacing exterior windows or replacing an old furnace or air conditioning unit, these credits may help you lower the taxes you owe. With the Non-Business Energy Property Credit, you can claim 30 percent of the cost of all qualifying improvements. The maximum credit is $1,500 for 2009 and 2010 combined.

For the Residential Energy Efficient Property Credit, you can claim 30 percent of the cost of qualifying energy property. The costs of qualifying items may help you reduce your tax bill and provide energy savings as well.

“These credits encourage homeowners to make improvements that will make their homes more energy-efficient,” said IRS Commissioner Doug Shulman. “People can improve their homes and save money over the long run.”

Remember, it's not too late to reap the rewards of the ARRA of 2009.To learn more, visit IRS.gov.

For information on energy-efficient products, visit the U.S. Department of Energy's Energy star website.

NOTE: Not all Energy Star products qualify for the tax incentive.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Four Steps to Follow If You Are Missing a W-2 Samatg For 2009 0 02-11-2010 04:31 PM
Buying a business with home refinance dollars CoffeeNut Miscellaneous 0 01-10-2010 09:16 PM
What are some of the tips to save on your 2008 Income Tax Liability? TaxGuru For 2008 0 11-30-2008 04:34 PM
Does a Energy Star Logo on my new appliance qualify for an energy saving tax credit? chrisk Tax Credit 1 02-20-2008 11:54 PM
What are best plans available to save for childrens education? Allard Education Planning 1 06-06-2007 09:58 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.