Monday, January 25, 2010

Save green by going green...

It's tax time, ladies and gents. *sigh* That's right, the time to pull all of your statements/receipts and get all of your deductions in order.

What some of you may not know, is if you did any energy-saving upgrades this year to your principal residence... you may be eligible for extra tax deductions! Not only are these home upgrades great for the environment and your pocket book when paying your monthly bills... they may also put more money back in your pocket at tax time.


Consumers who purchased and installed specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements "placed in service" starting January 1, 2009, through December 31, 2010.

Consumers who installed solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.

Make sure to ask your accountant about your eligibility. Additional info may be found here.

NOTE: Any of you first time home buyers of 2009- remember to take your final HUD closing statement to your accountant, as well. A portion of your closing costs may be deductible , as well =).