Less Than 60 Days To Take Advantage Of Home Improvement Tax Credit

There is less than 60 days left for homeowners to take advantage of the 2009-2010 tax credit for energy efficient home improvements. The credit includes but is not limited to insulation, heat and air replacement, windows and door replacement. When a homeowner purchases energy saving items they can save in 3 ways.

1) Home energy cost year round.
2) Tax credit of 30% of the purchase price up to $1,500. total credit for all qualifying products.
3) Any  manufacturer cash rebate(s).

Any  home improvement for the tax credit must have been put into service after January 1, 2009 through December 31, 2010.

I know tax credits and deductions can sometimes be confusing.  A "tax credit" is generally more valuable than an equivalent "tax deduction" because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. For example:  if you owe $10,000. in taxes and you have a "tax credit" of $1,500., you would owe $8,500. after your tax credit.  Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government. Check with your CPA for specific filing rules.

Hope this helps!