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How to Claim the Energy Star Tax Rebate:
The
Energy Star Tax Credit is administered by the federal government as
an attempt to accomplish two goals at the same time: stimulate
consumer spending and reduce our carbon footprint. Follow these
steps to ensure you can take advantage of the Energy Star Tax Credit -
up to $1500 per household toward home improvement. Use the tax credit incentives to help the environment and lower your
energy bills.
Instructions (4
easy steps):
-
Become familiar with the types of appliances you can
deduct.
The energy star tax credit is one of the tax credit
incentives that have strict standards by the government.
You can deduct energy efficient furnaces (oil and gas
only), refrigerators, washers and driers, etc... Check
the
Government's
Energy Star website regarding home
improvements or talk to any company selling appliances.
-
Keep
the manufacturer's certification statement.
You
will need this certification statement to prove you
qualify for the tax credit incentives attached to the
energy start tax credit. It should be a signed copy, but
does not need to be submitted with
taxes, just retained for records supporting your tax
credit incentives.
-
Fill out
IRS form 5695 for the year
you start using the appliance.
This only applies to 2009-2010. You will either claim the energy star
tax credit for 2009 or for 2010. Be sure to fill out the credit for the
year you actually start using the appliance.
HURRY!
These tax credit incentives expire after 2010.
-
Record
the energy star tax credit amount on line 52 of your
1040.
If you are filling out your own
tax forms the resulting tax
credit incentives amount from 5695
should be reported on line 52 and
subtracted from your total tax owed.
This is a huge benefit since it
decreases taxes owed, not just
adjusted gross income. You can
deduct up to $1500 total (even if
you bought more than one energy star
qualified appliance.) * Consult with
a tax accountant for more tips on
the
Energy
Star tax credit
and
tax
credit incentives.
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