Save Money With Tax Credits for Energy Efficiency 2011
Tax credits for energy efficiency 2011 can be obtained by figuring out the updates you can make on your house to save more energy. More money back on your taxes is something everyone wants to get. It you purchase an electric car, for example, than you will be eligible for a tax credit because you are saving energy. Some of the Tax Credits For Energy Efficiency 2011 are only available through 2011 but others such as wind solar systems are available through 2016. If you are looking for more information on the types of tax credits that you can get then you can visit the US Department of Energy’s website. This will allow you to see the specifics on each type of credit you can get.
Get your forms to get your Tax Credits For Energy Efficiency 2011
There are some forms that you will have to fill out in order to be eligible for tax credits for energy efficiency 2011. There are different forms you have to fill out for the different kinds of credits. The forms can be found on the IRS website. You will fill out form 5695 for renewable credits, and form 8936 for plug in vehicles. Saving the receipts on all your energy efficient purchases is critical to being able to get the Tax Credits For Energy Efficiency 2011 filed. The length of time you have tax liability is parallel to the length of time the credits are available. You can only claim the credits one time. There are specific requirements that must be followed in order to qualify for the different credits. An example of this is the specifications for solar energy systems installed on your home. The solar energy system has to be installed by December 2016 in order to qualify for the credit. The installed system has to have at least half of its energy generated by the sun and must be certified by the Solar Rating and Certification Corporation. In this case the credit does include the installation costs as well. Insulation has to be installed by 2011 in order for the credit to count, and it has to be designed to reduce the loss of heat your home sustained in order to be eligible. The credit for insulation will not include installation or labor costs. It is important for you to know that just because you install something that says ENERGY STAR in your home does not mean you are automatically eligible. Only certain ENERGY STAR products are eligible so make sure you look at the specifications.
Other items that you can receive the tax credits for energy efficiency 2011 are; fuel cells, skylights, geothermal heat pumps, HVAC, insulation, roofing, and lots of others. Tax Credits For Energy Efficiency 2011 can help you get more back on your taxes, which you can then put back into your house to get ahead on payments, or make more updates completed. These credits can be taken advantage of whether you are in the process of building a new home, or you are remodeling your current home. Make sure you read up on the specifics of each type of Tax Credits For Energy Efficiency 2011 to make sure that you do not miss out on any of them.