Window Tax Credits
The latest window technologies these days contribute to high energy efficiency features of the windows as well as additional comforts and benefits for window buyers. You have to take advantage of this because it does not only increase the benefits you will get from your windows but also minimize your taxes.
More and more window companies today are manufacturing and distributing window products with excellent energy performance ratings to attract the consumers due to the window tax credits that can be claimed. Proper selection of windows for your home is essential to be able to take advantage of its cutting-edge components. This is more important when you live in regions where there are steady changes of extreme weather conditions. You should not only look after the type of material, design, and color of your windows. Other significant factors are window strength, durability, warranty, and energy efficiency.
Window tax credits are now available for window buyers who purchase products with the Energy Star Label. These window units have come from environmentally friendly materials and have high energy efficiency qualities. It means you can get additional savings when you use any of the energy efficient windows in the market today.
Homeowners will be encouraged to use energy efficient windows because of the tax credits they can get until the end of 2013. The pre-Economic Recovery Act level covers this incentive. It means for every $200 worth of appropriate windows, consumers can claim 10% credit. For window purchases of $500, the credit they can get can be higher than 10%. This is the case for window buyers at Marvin Company. Nevertheless, credit coverage does not include the installation costs.
The main qualification component for getting the window tax credits depends on the installation date, although the maximum credit you can get is $500. For example, if you have already claimed $200 for your 2008 taxes, you can only get an additional $300 window tax credits for new installation or replacement projects in 2013. But there is a $1,500 maximum window tax credit available for those who made purchases between 2009 and 2010. But it also means that if you had already taken $800 tax credits in 2009, there would be no more left to claim for 2013.
Still, it would be great to know that you can reduce your income tax while protecting the environment too. Window tax credits vary from company to company but these are all available because of the Economic Stimulus package. Moreover, if you have energy efficient windows, it means you can lower your heating and cooling bills significantly as well as minimize your home improvement costs.
If you are interested in getting your window tax credits from your new construction project or home improvement endeavor, look for the IRS Form 5695. You should file it together with your taxes in order to avail the window tax credits. Do not lose the certification statements that window manufacturers provide. Though it is not required during submission of tax return forms, it might come in handy as well.