Tuesday Tax Time: the “Energy Tax Credits” Edition

Oh, boy.  This is a fun topic.  Residential Energy Tax Credits gets everybody excited.  The credits were in place in 2006 and 2007, then they skipped 2008, and now they are available again for 2009 and 2010.  Got any plans to use some of these credits this year (or next)?  Most purchases will work if the product is Energy Star compliant (but not all).

Here are the tax credits:

1  Windows, up to 10% of the cost, max of $200,

2  Exterior doors, up to 10%, max of $500,

3  Roofs, up to 10%, max of $500,

4  Insulation, up to 10%, max of $500,ater

5  Air conditioning systems, $300,

6  Water heaters, $300,

7  Some cars have credits associated with them, but are limited by the government as to which cars may qualify and how much,

8  And if you are a real granola, solar water heating, solar power and fuel cells may also apply (see us for further info or check out this cool chart).

Thanks, Jason M. Blumer, CPA

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