Know More About The 2009-2010 Energy Tax Credit Article

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Know More About The 2009-2010 Energy Tax Credit

Thanks to the 2009-2010 energy tax credit, window replacement can increase the value of your home while lowering your tax burden at the same time. A.W. Ross is the controller of Charlotte, North Carolina’s Lundberg Roofing, Windows & Siding.

Author: Figowang

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According to him, anyone looking to make home improvements in the near future should do some research to see if his potential projects are eligible for the particular credit.

The 2009-2010 energy tax credit
The 2009-2010 energy tax credit was put into effect to incentivize homeowners to make their homes more energy efficient. Anyone who buys and installs qualified products such as new windows, doors, insulation, roofing, water heaters and HVAC systems can receive a tax credit of 30% of the cost of such items – up to a $1,500 maximum per household – provided that purchases are made by the end of 2010. Purchases from 2009 qualify as well, but if you haven’t done your shopping yet, you can look towards your 2010 taxes to reap the benefits of the credit.
If the idea of getting up to a $1,500 tax credit sounds good to you, you should know that there are certain requirements to become eligible. For starters, not all Energy Star products can qualify for the 2009-2010 energy tax credit. A window or door with an Energy Star sticker simply means that it is designed to be more energy efficient to lower your utility bills over time; it does not mean that the product automatically qualifies for the credit. The products that qualify for the credit are specifically labeled.

You must make sure that the items that you are looking to buy are actually eligible for the tax credit. Windows, for example, need to equal or be below a U-Factor of 0.30 and a Solar Heat Gain Coefficient (SHGC) of 0.30 to qualify accordingly. And you also need to retain any receipts, certifications and stickers indicating that the 2009-2010 energy tax credit applies to your purchases. The tax credit does not apply to the cost of installation, assembly or sales taxes relating to your purchases; it only applies to the products themselves. Furthermore, your new energy-efficient items must be installed in your place of residence where you are the owner. If you’re a renter, you won’t be eligible for the credit.

How to claim the tax credit
While there are some rigid guidelines for product eligibility under the 2009-2010 energy tax credit, the process of claiming your credit is actually simple. All that you have to do is to fill out the necessary form on your taxes for the year when you make your qualified purchase and attach the supporting documentation. If you already put in new windows in 2009, you can take the credit on your soon-to-be filed 2009 taxes. Similarly, if you buy your new windows in 2010, you’ll have to wait until you file your 2010 taxes to get your credit.

For qualified improvements, homeowners may be able to claim tax credits equal to 30 percent of the installed costs (up to $1,500). The new tax credits are retroactive to January 1, 2009 and expire on December 31, 2010. The $1,500 limit is for all improvements made during the two-year term, rather than $1,500 each year.

What Lundberg offers
As a leader in enabling homeowners to take control of their own energy management, Lundberg offers exterior products that may help you save up to 60 percent on your energy bill. To add to that savings, Lundberg offers many products that are eligible under the new energy tax credit law. Depending on the product purchased, it is possible to qualify for a tax credit of up to $1,500 on your 2009 or 2010 income tax return.

If you’re serious about replacing your windows or making other qualified improvements to your home, now is the perfect time to get started. After all, it’s not everyday that the government is willing to give out free money. 　

About Author

A.W. Ross is a writer for Yodle, a business directory and online advertising company. Find a roofer or more roofing articles at Yodle Consumer Guide.　

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