If you have some home improvements ideas in mind you may be able to get Stimulus money to go green at home
. Depending on how the money is spent,you could get help with things like getting an energy efficient fridge or putting in a solar water heater. With $8 billion of the $787 billion Stimulus funding set aside for home energy improvements, now may be the time to get your Stimulus money to green at home.
New Tax Credits
Current tax law allows homeowners to deduct 10% of the amount paid for an energy efficient furnace, better windows or thicker insulation. But the new plan allows you to take up to 30%, but the tax credit can't exceed $1,500. Coordinate with your service provider and tax preparer to get the maximum credit on your tax return.
Save Your Reciepts
Make a point of saving receipts from any home improvement projects and the deductions can be taken on your income tax return. You'll need a special form to claim the refund. You should be able to find them wherever income tax forms are distributed.
What Complies?
But be careful. The items have to meet certain efficiency levels to qualify for the credit. While almost all windows that get the government's Energy Star efficiency seal of approval comply, not all Energy Star appliances comply. It's recommended that you check manufacturers web sites to make sure your home improvement is covered.
Include Deductions on Tax Return
Once you've spent money to go green at home, just include the deductions on next years tax return. Follow these steps to get Stimulus money to green at home.