Prudy
12-28-2009, 07:38 PM
I Found $1500 In My New Air Conditioner, You Can, Too!
Okay, so I actually only found a tax credit, but it’s a $1500 tax credit for purchasing an energy efficient AC! How cool is that? According to Energy.gov, (http://www.energy.gov/taxbreaks.htm) "a tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed." In a sentence I can understand, a tax credit lowers the amount of taxes you owe the government and leaves more hard, cold cash in your pocket and who doesn’t want that?
Energy.gov (http://www.energy.gov/taxbreaks.htm) lists the details of the tax credits being given for Fuel-efficient vehicles and energy-efficient appliances and products, so if you are planning on purchasing any new or replacement appliances or a new car in the near future, I would seriously consider doing it before the end of the year (which is only three days) so that you can take advantage of the credits on your 2009 federal tax return.
Before you go shopping, be sure to check on Energy Star.Gov ( http://www.energystar.gov/index.cfm?c=tax_credits.tx_index) which is a great resource to find out everything from which products qualify to how to calculate what your credit will be.
Please Note: Just because it says “Energy Star” does NOT mean it is a qualified product for a tax credit, so make sure to check out Energy Star.gov ( http://www.energystar.gov/index.cfm?c=tax_credits.tx_index) and the Energy.gov (http://www.energy.gov/taxbreaks.htm) to get specific details. Also these are for your existing home which is your principal residence and not for new construction or rentals.
*This is not professional tax advice and should not be relied upon for your financial decisions. We strongly suggest that you consult with a professional tax preparer if you have any questions or concerns.
Click Here for more Tips of the Day (http://www.yourgoodbuygirl.com/forumdisplay.php?f=2)
Okay, so I actually only found a tax credit, but it’s a $1500 tax credit for purchasing an energy efficient AC! How cool is that? According to Energy.gov, (http://www.energy.gov/taxbreaks.htm) "a tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed." In a sentence I can understand, a tax credit lowers the amount of taxes you owe the government and leaves more hard, cold cash in your pocket and who doesn’t want that?
Energy.gov (http://www.energy.gov/taxbreaks.htm) lists the details of the tax credits being given for Fuel-efficient vehicles and energy-efficient appliances and products, so if you are planning on purchasing any new or replacement appliances or a new car in the near future, I would seriously consider doing it before the end of the year (which is only three days) so that you can take advantage of the credits on your 2009 federal tax return.
Before you go shopping, be sure to check on Energy Star.Gov ( http://www.energystar.gov/index.cfm?c=tax_credits.tx_index) which is a great resource to find out everything from which products qualify to how to calculate what your credit will be.
Please Note: Just because it says “Energy Star” does NOT mean it is a qualified product for a tax credit, so make sure to check out Energy Star.gov ( http://www.energystar.gov/index.cfm?c=tax_credits.tx_index) and the Energy.gov (http://www.energy.gov/taxbreaks.htm) to get specific details. Also these are for your existing home which is your principal residence and not for new construction or rentals.
*This is not professional tax advice and should not be relied upon for your financial decisions. We strongly suggest that you consult with a professional tax preparer if you have any questions or concerns.
Click Here for more Tips of the Day (http://www.yourgoodbuygirl.com/forumdisplay.php?f=2)