You can actually save up to $ 1,500 in terms of tax credits if you install energy efficient home and building fixtures such as skylights and storm doors. If you want to receive the tax credit, consider installing the skylights now. Here are some things that you need to keep in mind.
- Know the rules. First of all, you should know exactly what laws govern the tax credits for energy efficient fixtures such as skylight. In particular, the American Recovery and Reinvestment Act of 2009 is responsible for the tax credit for the skylights. Read a copy of the law from the Internet or from the library, so that you will know fully how it works. Generally, you will get a 30 percent rebate whenever you install products that are energy efficient, which are products that minimize your carbon footprint and help to conserve energy and the environment. The ceiling limit for the tax credit has been lifted from a meager $ 500 to $ 1,500. This is a major increase, and a great chance for you to now get the skylights that you have always wanted.
- Check the specs. Keep in mind, however, that not all types of skylights are given the tax credit. In general, you will need to make sure that it has a 0.30 U-Factor. Apart from this, the SHGC rating must be 0.30 as well. There are many products that come with the Energy Star rating. Not all windows with the Energy Star ratings are covered under the tax credit law, however. You should read up on the full specs that a skylight must have in order to be eligible for tax credit in the International Energy Conservation Code.
- Purchase the skylights. Now that you know what types of skylights you can use for your home or your office, you can start looking for the right skylight. Skylights are usually sold in most hardware shops. These usually come in a variety of shapes and sizes. Choose a design that you like and which will go well with the décor in your home or in your office. Afterwards, have the skylight installed.
- Keep records. After purchasing and having the skylights installed, you need to make sure that you keep all of the records and documentation pertaining to the skylight. You will need these papers later on when you are filing the rebate in tax. These documents include the receipt for the skylight, which shows that you really have purchased and installed a new skylight in your home. Remember that the maximum tax credit is pegged at $ 1,500. This means that if you get a $ 9,000 skylight, you will be able to receive the full tax credit.
Next, you will need to actually file for tax rebate from the Internal Revenue Services. Simply fill up the correct from and then send it to the IRS offices. You will be able to get the tax rebate the next time you file your taxes. With these in mind, you should be able to enjoy tax credit while contributing to efforts to save the environment.