Don’t forget to install items this month and apply for your tax credit.
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I think that some of the Federal energy tax credits have been extended thru 2008. We are installing a solar hot water system and the installer tells me that the former end-of-2007 deadline has been extended thru next year. This MAY NOT apply to the program that your link covers at all...
I had heard they were going to do that but cant find anything on it.
Well, I havent really looked that hard but it would be nice to know for sure.Where there's a will, there are 500 relatives
I just found several articles on it and this is the basic comment."Despite such obvious benefits, Congress and the Bush administration have been unable to reach a compromise that will extend the energy-saving tax credits beyond its Dec. 31 deadline. A last-minute deal to keep the credits in place for at least another year was still being negotiated in mid-November, but smart homeowners who've been thinking about making energy-saving improvements should probably do the work now -- before the end-of-the-year deadline approaches -- instead of hoping that the same tax-credits will be available in 2008.""A tax credit is more valuable than a deduction because it reduces your tax bill dollar for dollar. And you don't have to itemize to claim these credits. Most of the energy-saving credits, though, will expire Dec. 31, and it doesn't look as though Congress will extend them, Luscombe says.While you probably don't have time to install new windows before Dec. 31, there's still time to install new insulation. You'll lower your tax bill, and your heating bill will drop, too.Keep in mind, though, that $500 is the lifetime limit on energy-saving home improvements. If you claimed a $500 credit in 2006, you can't claim any credits in 2007."HOWEVER, there was an extension last year through 2008 for alternate energy sources. Solar and maybe wind. But I don't know the details.This link gives all of the different type and qualify products for different types of fedreral consumer energy tax credits.http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.
Thanks, I reinsulated on "green" week so I should be claiming one. I mainly wanted to know what to tell my customers.Where there's a will, there are 500 relatives
Thanks for the additional information.
The quoted article is wrong, though, when it says, "A tax credit is more valuable than a deduction because it reduces your tax bill dollar for dollar." The energy tax credit is only 10% of the cost. If it were an itemized deduction it would be worth your tax bracket, 15 or 25% or whatever, for those who itemize, however would be worth nothing for those who take the standard deduction.
""A tax credit is more valuable than a deduction because it reduces your tax bill dollar for dollar." "Of what?What they said is true.IE, $100 of tax credit is much better than $100 deduction.And some of the items are a fixed amount, others a percentage of what was spent.And for most of them you are limited to a total $500 over the years.Again $500 in tax credits are much better than $500 in deductions..
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A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.