Lower Your Tax Liability And Help The Environment At The Same Time
How To Lower Your Tax Liability And Help The Environment
Hybrid Vehicles
Eco-friendly automobiles are more than good for the planet. They are good for your wallet! In fact, buying any hybrid vehicle can earn you a tax break of anywhere between $200 and $3,500. Both the weight of the vehicle and how much gasoline it saves affects how much of a break you will receive, so be sure to do your research before making any large purchases!
New Roof
Investing in a new energy-efficient roof is a great way to save money, help the planet, and put value into your home all at the same time. Energy-efficient roofs come in a variety of materials and types, but the most common would be a metal roof. To be sure your roof is as efficient as it can be, look for the energy star, as energy star products are the most efficient. Investing in a new roof can also give you up to $500 in tax credits.
Solar Panels
Solar panels and photovoltaic systems are smart, clean, and inexpensive products that can make up for their own cost in very little time. You can also receive huge tax breaks for installing a working solar panel system, or photovoltaic system. For installing either, you can receive a deduction for up to 30% of the total cost.
Fuel Cells
There is a consumer tax credit for installing fuel cell and micro-turbine systems, as long as they meet the government’s qualifications. The credit is for 30% of the total cost, up to $1,500 for each half kilowatt.
Bio-Diesel
Similarly to hybrid vehicles, you can reap huge benefits from driving a vehicle powered by bio-diesel. In fact, you can actually receive more federal benefits for having a bio-diesel vehicle than a hybrid, and some states even offer state tax breaks for bio-diesel powered cars.
Energy Efficient Appliances
There are dozens of tax incentives for a wide array of appliances for your home or office, as long as they were manufactured in the past 3 years, and meet ‘efficiency’ qualifications. These appliances include, but are not limited to, dishwashers, refrigerators, and clothes washers.
New Windows
Purchasing double paned or energy efficient windows for your home will keep the cold air out and the warm air in. Likewise with the summer, your home will stay cool and comfortable with this impressive addition. Although you hardly need more incentive, installing energy efficient windows can also provide you with a tax credit of up to $200.
Plug-in Hybrids
Effective January 1, 2009, there will be a huge new tax incentive for the first 250,000 plug-in hybrid vehicle buyers. The buyers will receive a credit from $2,500 to $7,500 for both cars and trucks following the plug-in hybrid standards, depending on the capacity of the vehicle’s battery.
By: roni deutch
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The Tax Lady Roni Deutch and her law firm Roni Lynn Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has experienced IRS tax attorneys who will fight the IRS on your behalf.
