| Another Reason to Go Green in 2010: Tax Credits Posted: 27 Jul 2010 04:15 AM PDT 
From Starbucks to SunChips, Toyota to Honda, everyone seems to be going "green" these days. And for a good reason. Did you know that in 2008 alone, Americans saved enough energy to power 10 million homes while avoiding greenhouse gas emissions from 12 million cars? What's more? They also saved themselves $6 billion dollars, proving that doing well for the environment could have more benefits than one. And, the IRS could provide one of these perks. With new green energy tax credits, the IRS has shown that they, too, are all in favor for the green movement. With the new guidelines in place, here are a few ideas to go green while directly impacting your taxing dollar. 
- Redefine your mode of transportation
- We're not talking about carpooling or walking, here, but something a little more noteworthy. The Plug-in Electric Drive Vehicle Credit, Credit for Conversion Kits, and the Alternative Motor Vehicle Credit are all credits instated by the IRS to encourage energy saving transportation methods. For qualifying plug-in electric drive vehicles bought between 2011 until 2014, a minimum credit of $2,500 and maximum of $7,500, contingent with battery capacity, could be yours. Furthermore, the credit for conversion kits states that up to 10 percent of costs, with a maximum of $4,000, could be credited for converting your current vehicle to electric. This credit offer, however, expires in 2011. Finally, and more familiarly, we are all aware of the recent surge in hybrid cars. Now with new IRS guidelines in effect, the well-known Alternative Motor Vehicle Credit can be used against the Alternative Minimum Tax.
- So, it could be that time to purchase an electric vehicle, or even a hybrid model. You'll do major things for the environment, see endless gas savings, AND gain some valuable tax money. Not to mention, those hybrid cars have become so much more visually appealing these days.
- Consider alternative appliances
- Your washing machine has just broken, your dishwasher is not working like it used to (and not because you left too much food on the plate before putting it in), or your refrigerator is just plain out of date. Regardless of the case, if you're thinking about buying a new household appliance, consider more attributes than quality and price alone. And by this, we mean consider all of the new appliances springing up that have green energy savings in mind. The Cash for Appliances program gives a $50 to $200 credit towards the purchase of new 'green' appliances. So, be sure to look out for these when browsing around.
- Think about your options to stay cool
- From making window adjustments to installing new air units, there are multiple ways to go green while receiving a tax credit. To start, simply resealing your windows could grant you a tax credit and not to mention, a much cooler and energy efficient house with minimal effort. If you're on to bigger and better things, how about replacing your air conditioning unit with an upgrade, which could also score you up to $500.
- Take a closer look at solar energy
- If you really want to step things up and take advantage of some large tax credits, go the whole nine yards with a new solar energy system for your house. For this bold move the IRS is willing to grant a tax credit that is equivalent to 30% of the cost. It also especially important to consider the continuing savings that would occur for this switch. This tax credit is called the Residential Energy Efficient Property Credit and covers solar hot water heaters, solar electricity equipment, geothermal heat pumps and wind turbines. Currently, this tax credit is set to run all the way through 2016 for people that are looking to upgrade to efficient green energy in their homes.
As you can see, there are multiple ways of going green and endless benefits that result from them. The world is beginning to realize this, and so should you. Even if you could care less about the environment (weird?), the money savings behind going green should be convincing enough. Not only will you save on future electricity costs, but tax credits, too. So, whether it be simply buying the new green refrigerator that you've been eying or fully redoing your home with a solar energy system, get started today and start reaping all of the benefits. This guest post was provided by BackTaxesHelp.com, a website that helps taxpayers with IRS tax problems. Visit their site to find out more on filing back taxes, tax penalties, installment agreements, and more.  |
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home