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Fw: Need an End-of-Year Tax Deduction?

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  • John Miggins
    Need an End-of-Year Tax Deduction?Solar hot water and solar electric also have tax credits up to $2000 each effective for tax years 2006 and 2007- see the
    Message 1 of 2 , Dec 8, 2006
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      Need an End-of-Year Tax Deduction?
      Solar hot water and solar electric also have tax credits up to $2000 each effective for tax years 2006 and 2007-
       
      see the below for other tax credits-
       
      pay uncle sam or pay yourself
       
       
      John Miggins
      Harvest Solar & Wind Power
      "renewable solutions to everyday needs"
      www.harvest-energy.com
      Phone/Fax 918-743-2299
      Cell: 918-521-6223
      ----- Original Message -----
      Sent: Friday, December 08, 2006 10:12 AM
      Subject: Need an End-of-Year Tax Deduction?

       
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      December 8, 2006
      Need an End-of-Year Tax Deduction?
      by Sarah Allen, Mother Earth News Editorial Intern  

      Now improving the energy efficiency of your home not only lowers your energy bills every month but pays off at tax time too! The Energy Policy Act of 2005 allows homeowners to claim a tax deduction of up to $500 in 2006 and 2007 for home energy efficiency improvements.

      For existing homes, the tax credit is 10 percent of the final cost of qualified energy efficient products for a maximum of $500.

      Adding insulation to your home is one of the easiest ways to save money on your utility bills and qualify you for the energy tax deduction, according to the North American Insulation Manufacturers Association (NAIMA). Improved levels of insulation also increase comfort and make other energy efficiency improvements pay off faster.

      You should keep your receipts when you purchase the insulation and other energy efficient products that qualify for the tax credit. You also need to get a certification statement from the insulation manufacturer clarifying that the insulation product installed actually qualifies for the tax credit. For the contingencies of qualifying for the tax credit, check the IRS guidelines.

      For more information on energy efficiency, read Get Cash Back for Energy Improvements from the August/September 2006 issue of Mother Earth News, visit The Tax Incentives Assistance Project site, or read All About Insulation from the December/January 2002 issue of Mother Earth News.

      Read More

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    • Andrew McCalla
      John, Make sure you clarify to folks that the residential tax credit is a one time credit which will not exceed $2,000 total...although the credit may be
      Message 2 of 2 , Dec 8, 2006
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        John,

         

        Make sure you clarify to folks that the residential tax credit is a one time credit which will not exceed $2,000 total………although the credit may be carried over to future years.

         

        This has proven to produce some confusion in the industry.

         

        Andrew H. McCalla

        NABCEP Certified Solar PV System Installer (TM)

         

        Meridian Energy Systems

        2300 S. Lamar, Ste. 107

        Austin, TX   78704

         

        Voice: (512) 448-0055

        Fax:    (512) 448-0045

        www.meridiansolar.com

         


        From: hreg@yahoogroups.com [mailto:hreg@yahoogroups.com] On Behalf Of John Miggins
        Sent: Friday, December 08, 2006 10:59 AM
        To: Oklahoma Sustainability; sustainabletulsa@yahoogroups.com
        Cc: hreg@yahoogroups.com; ntreg@yahoogroups.com
        Subject: [hreg] Fw: Need an End-of-Year Tax Deduction?

         

        Solar hot water and solar electric also have tax credits up to $2000 each effective for tax years 2006 and 2007-

         

        see the below for other tax credits-

         

        pay uncle sam or pay yourself

         

         

        John Miggins
        Harvest Solar & Wind Power
        "renewable solutions to everyday needs"
        www.harvest- energy.com
        Phone/Fax 918-743-2299
        Cell: 918-521-6223

        ----- Original Message -----

        Sent: Friday, December 08, 2006 10:12 AM

        Subject: Need an End-of-Year Tax Deduction?

         

         

        Email 
ThisE-mail This


        December 8, 2006


        Need an End-of-Year Tax Deduction?
        by Sarah Allen, Mother Earth News Editorial Intern  

        Now improving the energy efficiency of your home not only lowers your energy bills every month but pays off at tax time too! The Energy Policy Act of 2005 allows homeowners to claim a tax deduction of up to $500 in 2006 and 2007 for home energy efficiency improvements.

        For existing homes, the tax credit is 10 percent of the final cost of qualified energy efficient products for a maximum of $500.

        Adding insulation to your home is one of the easiest ways to save money on your utility bills and qualify you for the energy tax deduction, according to the North American Insulation Manufacturers Association (NAIMA). Improved levels of insulation also increase comfort and make other energy efficiency improvements pay off faster.

        You should keep your receipts when you purchase the insulation and other energy efficient products that qualify for the tax credit. You also need to get a certification statement from the insulation manufacturer clarifying that the insulation product installed actually qualifies for the tax credit. For the contingencies of qualifying for the tax credit, check the IRS guidelines.

        For more information on energy efficiency, read Get Cash Back for Energy Improvements from the August/September 2006 issue of Mother Earth News, visit The Tax Incentives Assistance Project site, or read All About Insulation from the December/January 2002 issue of Mother Earth News.

        Read More

        Read Comments | Share a Comment


        The Mother Earth News Archive 3 CD Set

        This digitized version of nearly 6,400 practical tips includes detailed plans and inspirational advice to help you achieve a lifestyle that's healthier, simpler, less wasteful and less expensive. Read, search and refer to what amounts to a vast encyclopedia of organic gardening, energy-saving, do-it-yourself home improvements, natural health, sustainable technologies, self-sufficiency and more! Satisfaction guaranteed or your money back.

        Regular Price: $58.95
        Sale Price: $49.95
        Order Now


        Recent Tips from Mother Earth Living

        Change Your Light Bulbs, Change the World: Save Money with Compact FluorescentsTake the "Energy Star Change a Light Pledge" to start using compact fluorescent light bulbs and save energy while you help save the planet. Read more...

        Solar Energy Tours Near YouLearn about solar power firsthand, including solar panels, solar water heaters and solar lighting, at the American Solar Energy Society National Solar Tour. Read more...

        Environmental Tax Reform in Lester Brown's Plan B 2.0Environmental tax reform is gaining popularity in Europe, according to Lester Brown of the Earth Policy Institute, where it's generating new jobs while it protects the environment. The process lowers income tax rates and raises taxes on environmentally destructive activities to incorporate their social costs into the marketplace and create incentives for more reponsible environmental behavior. Read more...

         


        Did someone forward this to you?
        Get Mother Earth Living Tips sent directly to you.

        Unsubscribe from this e-mail list
        Update your account information

        Copyright © 2006 All Rights Reserved | Ogden Publications, Inc., 1503 SW 42nd St. , Topeka , Kansas 66609 -1265
        Reproduction in whole or in part without permission is prohibited.

        Browse Topics



        Green Building

        Do It Yourself

        Organic Gardening

        Whole Foods & Cooking

        Natural Health

        Livestock & Farming

        Alternative Energy

        Homesteading & Self-Reliance

        Nature & Environment

        Green Transportation

         

         

         

        Overview Articles
        by Topic



        What is Green Building?

        Mother Earth's Do It Yourself Projects

        The Basics of Natural, Organic Gardening

        An Overview of Whole Foods and Cooking

        Herbal Remedies and Holistic Health

        Getting Started with Livestock and Farming

        Alternative Energy Systems

        Rural, Urban and Suburban Homesteading

        Wilderness, Naturalists and Wildlife

         

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