Engery Tax Credits

Before you start working on your home this year take a closer look at the energy tax credits available and you just might save a couple dollars in taxes.

Thanks to the American Recovery and Reinvestment Act (ARRA) of 2009 homeowners can get bigger tax credits than in the past for energy efficiency improvements or installing alternative energy equipment.  This new act of legislation provides for a credit of 30% of the cost of qualifying improvements up to $1,500, such as adding insulation, energy-efficient exterior windows, and energy-efficient heating and air conditioning systems.

In addition, according to IRS Notice 2009-41, the new law also eliminates the cap on the 30% tax credit for alternative energy equipment, such as solar water heaters, geothermal heat pumps and small wind turbines, installed in a home.

For a list of the energy related tax benefits, please visit this page on the IRS website.

Best wishes,

Gina

http://GLGcpa.com