How To Manage Property

  How To Manage Property




tax refund travel


Did you know that Congress passed a bill in 2005 that can provide you a tax credit (that’s a dollar for dollar reduction in your tax bill to Uncle Sam!) for items that you may need to purchase for your house or even a new car?





Indeed, Congress passed the Energy Policy Act of 2005.  You can earn up to $500 in tax credits on developments to your home.   Over $3,000 in tax credits for buying a hybrid car, and if you’re a person who wants to help the environment and you install some solar electric panels on your roof or a solar water heater collector on your roof you can get up to another $2,000 for each!!



Wow, where was this bill when I had some home improvements performed on my house two years ago.  And in case you’re a business owner you can have some tax credits also for your building, company car, and the Energy Policy Act grants an assortment of tax credits for businesses, homeowners, home contractors, appliance producers, and hybrid/energy efficient vehicles.  Some of these tax credits expire in December 2007 while others expire in later years.  Besides even our Congress is considering of distributing these tax credits around forward until 2015.





So, is there anything I ought to do to qualify for this tax credits and is it indeed something I could use?   Well this all depends on your needs.   If you happen to be a homeowner, you can get as much as $500 in tax credits if putting up new objects in your home, they are about $200 for a new furnace or boiler, an extra $200 for new windows, and about $300 for a new air conditioner, or new doors, or water heater or insulation.

tax refund travel

The tax credit you can claim for your house is capped at $500, with the exemption of setting up a solar system (cell Solar PV - photovoltaic).  For each of these systems, you can avail of $2,000 more in tax credits.

 

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