It's not often the Internal Revenue Service tries to help you save money. So, if you're looking to make a few home improvements, you may want to get to work while the government is in a giving mood.
"There's actually a way for homeowners to invest in some energy efficient improvements and actually save some money twice," said the IRS's Michelle Eldridge.
It's part of the American Recovery and Reinvestment Act. Make your home more energy efficient and get back part of what you've spent at tax time.
"Replacing windows and doors or perhaps replacing your heating and air-conditioning system or maybe adding insulation. All of these products, even roofs in some cases, can qualify you for this energy credit," said Eldridge.
Here's how it works. You get to claim 30 percent of the cost of improvements up to a maximum tax credit of $1,500. Installation costs, though, do not apply.
But Eldridge says do your homework and make sure the product qualifies before you buy.
"What you're looking for is a tax credit certification from the manufacturers," she said. Keep those certifications and receipts to then file with your tax return.
The government's message is save now while improving your home's value, and save later with lower energy bills. But time is running out for the 2009 credit.
"You need to make this purchase and have it installed by the end of the year," Eldridge said.
The good news is the credit extends into next year as well if you need more time.
There is a second tax credit for homeowners investing in alternative energy equipment. If you're looking to add solar electric systems, solar hot water heaters or even wind turbines at your home, you can deduct 30 percent of the cost on your 2009 or 2010 taxes. And best of all, there's no cap like the earlier credit.
For more information, check out the Internal Revenue Services' website.
Source: www.wcnc.com
Friday
What's in store for you
Welcome to my kitchen remodel blog! If you’re here hoping to get an idea of what’s involved in a kitchen renovation then you’re certainly in the right place. This project was my first attempt at having a kitchen remodeled and it was quite a learning experience. I hope this blog can help other first timers, or anyone out there looking for ideas on layout, cabinets, lighting and everything else that is involved in a kitchen remodel. This project was a collaboration between myself and Greentea Design, a Toronto-based company that carries a very unique line of Asian-inspired cabinetry that I completely fell in love with. They were instrumental in the creation of what turned out to be my dream kitchen.
I’d like to give a breakdown of what sort of topics I covered throughout the remodel process on this blog. To begin I explained how terrible the kitchen was when I moved in and included photos to demonstrate the extent of it’s horrid state.
I provided hand-drawn sketches to Greentea of the layout I wanted and they produced digital 3-dimensional images of what the kitchen would look like with the cabinets and all the fixtures I chose.
There were a few posts after this where I let readers in on all the purchases I had made for crucial kitchen elements like appliances, lighting, countertop, sink and plenty others.
Demolition began, which was mainly executed by my boyfriend and I. That was a lot of fun (and work, but it was SO satisfying).
The kitchen needed to be completely gutted (more so than I had anticipated) so there were a couple of posts explaining what needed to happen and how I had the space modified to accommodate the cabinets.
The flooring was a bit of an odd choice, and I explained my selection and the process of getting the flooring done in time for the arrival of the cabinets.
The cabinets arrived, to my delight, and with them came my amazement at how easy it is to “install” free-standing cabinetry.
I included a post about the installation of all the light fixtures I had selected earlier on in the process. This was one of my favourite stages as my previous kitchen was severely lacking adequate lighting.
The countertop was installed and I was able to snap a few photos during this process.
I then blogged about some of the finishing touches made to the kitchen (placement of accessories, the hatch that was created to access the basement…).
In my last couple of posts I expressed my utter disbelief at how amazing the cabinetry was at allowing me to finally have an organized kitchen (with the help of 25 drawers!!). I also blogged about my delight at finding the perfect dining table (and explained why the first one that I had built didn’t work out).
For photos of the final product.....well, come see for yourself in the many posts below. ;)
I’d like to give a breakdown of what sort of topics I covered throughout the remodel process on this blog. To begin I explained how terrible the kitchen was when I moved in and included photos to demonstrate the extent of it’s horrid state.
I provided hand-drawn sketches to Greentea of the layout I wanted and they produced digital 3-dimensional images of what the kitchen would look like with the cabinets and all the fixtures I chose.
There were a few posts after this where I let readers in on all the purchases I had made for crucial kitchen elements like appliances, lighting, countertop, sink and plenty others.
Demolition began, which was mainly executed by my boyfriend and I. That was a lot of fun (and work, but it was SO satisfying).
The kitchen needed to be completely gutted (more so than I had anticipated) so there were a couple of posts explaining what needed to happen and how I had the space modified to accommodate the cabinets.
The flooring was a bit of an odd choice, and I explained my selection and the process of getting the flooring done in time for the arrival of the cabinets.
The cabinets arrived, to my delight, and with them came my amazement at how easy it is to “install” free-standing cabinetry.
I included a post about the installation of all the light fixtures I had selected earlier on in the process. This was one of my favourite stages as my previous kitchen was severely lacking adequate lighting.
The countertop was installed and I was able to snap a few photos during this process.
I then blogged about some of the finishing touches made to the kitchen (placement of accessories, the hatch that was created to access the basement…).
In my last couple of posts I expressed my utter disbelief at how amazing the cabinetry was at allowing me to finally have an organized kitchen (with the help of 25 drawers!!). I also blogged about my delight at finding the perfect dining table (and explained why the first one that I had built didn’t work out).
For photos of the final product.....well, come see for yourself in the many posts below. ;)