If you choose to make energy conscience purchases for your home you may be able to receive a tax credit for these items. You can feel confident in these purchases as long as they meet certain energy efficient requirements. You can receive up to a 10 percent credit for energy efficient home improvements.
President Bush signed the ?Emergency Economic Stabilization Act of 2008? on October 3rd, 2008. This bill is actually an extension to a residential tax credit that has already been put into effect. This bill will cover certain home improvements made between January 1, 2009- December 31, 2009.
Some of the new federal efficiency tax credits that are included are:
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You must be sure when purchasing any of these items that they meet the qualifying requirements to be considered energy efficient. They must meet certain energy factors. It may also be helpful to look for the Energy Star approval. The Energy Star approval is not always a guarantee but will give you somewhere to start.
Another big tax credit is the solar energy systems credit which will give you a credit of 30% of your cost up to $2,000.00 You may qualify for this tax credit if you have installed a solar energy system between December 31, 2005 ? January 1, 2008.
When making energy efficient improvements to your home you are not only receiving a tax credit you are also making purchase that will save you monthly utility expenses as well. Lear more about IRS federal energy efficient tax credits for home and business.
If you have recently made an energy efficient purchase or improvement you may find the tools at TurboTax online helpful in determining the credit you may be eligible for. TurboTax Online offers free tax calculators to help you maximize your tax return.
Source: http://computerstolast.info/irs-federal-energy-efficient-tax-credits-for-home-residential/
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