Remember To Take Your Tax Refunds For Home Improvements

Be Sociable, Share!

    Well if you haven’t started yet now is about the time you should think about collecting all of your forms and preparing your taxes. One good thing you may not have realized is there are a lot of home improvement incentives that can reduce your taxes.

    Under the The American Recovery and Reinvestment Act of 2009 tax incentives are available for those who made energy efficient upgrades to their homes through December 31, 2010.

    And don’t worry if you haven’t started your projects yet you can still get refunds for 2011 through the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2011.

    What Type Of Tax Rebates Are Available?

    The variety of different programs out there are not limited to installing alternative energy products such as Solar Panels although if you did install solar or wind you should look for State, Federal and local power company incentives that can reduce your cost by around 30% and in some areas 100% if you give your local power company all of your excess electricity and carbon credits.

    Home Insulation

    Installing home insulation is something you can do yourself or have a contractor install in about a day and there are tax incentives to reduce your cost by up to $500. That is enough to pay for about a third of the average attic. In addition to a tax credit (link) you will also reduce your heating and cooling costs. Adding insulation is a fast payback and depending on your area and the amount of work you perform expect to get all of your investment back in about 5 years.

    Exterior Doors

    Replacing an exterior door is a project that most home owners can accomplish in about a day. Because they can be both a security problem and a source of lost heat and cooling due to weather stripping breaking down over time you can get another $500 Tax Rebate there are some limitations on this program so visit the site and learn the rules.

    Windows and Skylights

    There are a variety of different programs for doors, windows and skylights unfortunately the amount of the rebate is only for the product and not for install services. However most home owners with basic skills can replace their own windows with a few hand tools and a good caulking gun.

    The products must be rated energy efficient. Rebate amounts vary from 10% of your cost with windows being limited to $200.  For more information visit the link below.

    Replacing Your Roof

    If you need to replace your roof make sure you use energy efficient metal roofs with the appropriate color or asphalt roofs with energy efficient granules and you can get a Tax rebate of 10% up to $500. Although you may not have thought about it just by selecting the right product you can reduce the surface temperature of your roof surface by 100F and this will reduce your summer cooling bill along with extending the life of your roof.

     

    HVAC Furnaces and Air Conditioners

    If you need to replace or repair your HVAC system make sure that you use energy efficient models and you can save hundreds of dollars. The rebates are available for Natural Gas, Oil and Propane heating systems, Hotwater boilers, Central Air Conditioning, Heat Pumps and even your blower fan can get you a $50 rebate.

    How To Qualify

    Some programs cover only the price of the product and not labor. This is great for do it yourselfers but remember that you need to keep a record of your purchases and fill out the appropriate forms when you submit your taxes.

    Save your receipts and the Manufacturer’s Certification Statement for your records.

     

    For more information on these and other tax rebates visit

    www.energystar.gov

    www.irs.gov

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Be Sociable, Share!