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Tax Credits Available in 2009 and 2010
To take advantage of the American Recovery and Reinvestment Act of 2009 tax
credits, you must purchase qualifying high-efficiency systems between January 1,
2009 and December 31, 2010. Better yet, your savings won't be limited to a
one-time tax credit. You'll continue saving every month with reduced monthly
heating and cooling bills. For more information, contact Shaw Mechanical today.
How the Program Works
As part of an effort to reduce dependence on foreign sources of energy, the
American Recovery and Reinvestment Act of 2009 provides a tax credit to help
offset the costs of making energy efficiency improvements to your home. Some key
details of the program are as follows:
• The tax credits apply to a variety of products (including installation costs)
such as windows, doors, heating and cooling equipment and more.
• The amount of the credit is equal to 30% of the installed cost of the
qualifying products, up to a total of $1,500.
• If a qualifying purchase is not large enough to qualify for the maximum credit
of $1,500, the remaining available tax credit can be claimed for additional
qualifying purchases.
The Economic Advantage of Tax Credits
The reason many homeowners are so excited about this program is because tax
credits, unlike deductions, are subtracted directly from the total amount you
owe on your personal income taxes. For example, if you complete your tax return
and calculate that you owe the IRS $2,000, a tax credit of $1,500 will reduce
your tax bill to only $500. Of course, be sure to check with your tax adviser on
how to best take advantage of the tax credits. |
