Energy Tax Credit Update | Tax Tip of the Week | No. 44
Go Green and Save Some Green
During the recent 2009 tax filing season, we saw many clients take advantage of the Residential Energy Tax Credit.As a reminder, this credit is available to homeowners who install energy-efficient:
- Exterior Windows and Skylights
- Storm Windows
- Exterior Doors
- Storm Doors
- Central A/C
- Air Source Heat Pumps
- Natural Gas or Propane Furnaces
- Oil Furnaces
- Gas, Propane or Oil Hot Water tanks
- Electric Heat Pump Water Heater
- Insulation
- Some metal and asphalt Roofs
- Biomass Stoves
The credit is 30% of the cost of the qualified energy-efficient property up to a maximum of $1,500 (example: $5,000 new windows X 30% = $1,500.)If you did not take the maximum credit in 2009, it is still available to be taken on your 2010 tax return. Note: The $1,500 credit is the maximum you can claim for 2009 and 2010 combined.In addition, this is one of the few credits that is not limited by AGI—meaning higher income taxpayers can also use this credit.Take a look at your home this summer and see what improvements need to be made with Uncle Sam’s help!As always, give us a call before you do something - not after!In Dayton, call 937-436-3133 and in Xenia, call 937-372-3504. Or visit http://www.bradstreetcpas.com.