"If it Heats or Cools We FIX It."
With the passage of the Economic Stimulus Bill, homeowners may be eligible for a tax credit if they purchase certain types of heating, ventilation and air conditioning (HVAC) systems, water heating equipment, or make other energy-related improvements to their homes between January 1, 2009 and December 31, 2010.
As a leader in enabling homeowners to take control of their own energy management, We already offers systems that may help you save up to 60 percent on your energy bill. To add to that savings, We offer many products that are eligible under this new energy tax credit law. Depending on the type of system or product purchased, it is possible to qualify for a tax credit of up to $1,500 on your 2009 or 2010 income tax return. Read on to learn how the government’s new tax credit program works, which products qualify, and how to apply for a tax credit.
Which products are eligible?
For qualified improvements, homeowners may be able to claim tax credits equal to 30 percent of the installed costs (up to $1,500). The new tax credits are retroactive to January 1, 2009 and expire on December 31, 2010. The $1,500 limit is for all improvements made during the two-year term, rather than $1,500 each year.
The tax credit applies as a direct reduction of taxes owed. In the past, IRS has directed taxpayers to use Form 5695 (the Residential Energy Efficient Property Credit). It is expected that the IRS will produce new rules related to the recently enacted stimulus legislation, giving taxpayers further guidance on claiming tax credits. To fully understand how the new tax credit may apply to you and what you can do to obtain one, you should consult with a tax professional for advice on tax preparation, as this tax credit is subject to IRS regulations.
Some — but not all — of the Trane and Coleman products may qualify for the tax credit. To find a listing of the specific products that qualify, as well as a print off your tax certification call e. L. WALTERS Air Conditioning & Heating Inc. at (812) 422-0101. In addition, you’ll find the government’s summary of Energy Star products that are eligible for the tax credits below.
How do I apply for a tax credit?
The 2009-2010 Energy Tax Credit and You.
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