Are you getting your home improvement 2011 tax credits?
Well, tax season is upon us, so if you?re busy getting your paperwork together to file, make sure you?re doing it as intelligently as possible!
After all, nobody wants to pay more tax than they absolutely have to! If you did home improvements in 2011, there?s good news: you could have a tax credit coming your way to the tune of $500.
That hefty chunk of change is courtesy of the federal Energy Star program and it?s very easy to check to see if any of your home improvement expenses fall under their tax credit guidelines.
Here are just a few home improvements that count in the Energy Star program:
Insulation
This includes all types of insulation including ?retro-insulation? with blown-in material, attic insulation, and even some spray foams with insulation properties.
Water Heaters
Certain water heaters are eligible for the rebate program. If yours is, that?s an automatic $300! To meet the criteria, your new water heater must have an Energy Factor greater than or equal to 0.82 or a thermal efficiency of at least 90%. Check the documentation that came with your water heater to see if yours qualifies.
Windows and Doors
If you replaced or installed new windows in your current home, part of your cost may qualify for the tax credit as long as the windows/doors you installed were Energy Star rated. It isn?t necessary for you to have replaced ALL the windows in your home, even just one will do! Also, if you added a new window where none existed before, it also qualifies.
There are other home improvements that qualify for 2011 tax credits under the Energy Star program. To learn whether or not your home improvement expenses apply, simply visit www.energystar.gov/index.cfm?c=tax_credits.tx_index.? It?s super easy to claim your tax credits; in most cases, you just need to include Form 5695 along with your tax return.
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