We all like to save money on Home Improvement projects. As a Ft. Lauderdale Home Improvement Contractor, we are constantly asked by homeowners how can they do a remodel that is beautiful and cost efficient.
The Energy Star program is an excellent way to earn tax credit dollars on home improvement items such as Doors and Insulation.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed by President Obama and should be used by Homeowners doing home improvements.
Thankfully, the law extends the tax credits for energy efficiency into 2011 at adjusted levels.
There is a 10% credit up to $500 for insulation and doors
There is a credit for windows for up to $200.
How Do I Apply For The Tax Credit?
Speak to your accountant and tax advisor for more specific details on how to take advantage of this savings/
Here is some basic information on the program:
- Products “placed in service” in 2011, need to file the 2011 IRS Form 5695 and submit it with your 2011 taxes (by April 15, 2012).
- On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52.
- Save all receipts and the Manufacturer’s Certification Statement for your tax records.
- Submit Form 5695 with your income taxes.
For complete information, visit www.energystar.gov/taxcredits