Wednesday, January 28, 2009

10 "Green" Tax Credits and Deductions for '08 and '09

The Roni Deutch Tax Center® recently published a press release titled "Tax Lady" Educates Taxpayers on 10 "Green" Tax Credits and Deductions for '08 and '09 Tax Years, so I wanted to also make sure and share them with the readers of my blog. Check out the top 10 tips below!

  • New Roof: Investing in a new roof can also give you up to $500 in tax credits.
  • Solar Panels: You can receive huge tax breaks for installing a working solar panel system or photovoltaic system. Both receive a deduction for up to 30% of the total cost.
  • Fuel Cells: There is a consumer tax credit for installing fuel cell and micro-turbine systems, as long as they meet the government's qualifications. The credit is for 30% of the total cost, up to $1,500 for each half kilowatt.
  • Bio-Diesel: Similarly to hybrid vehicles, you can receive more federal benefits for having a bio-diesel vehicle than a hybrid, and some states even offer state tax breaks for bio-diesel powered cars.
  • Energy Efficient Appliances: Appliances that meet "efficiency" qualifications can see deductions.
  • Business Credits: You can get business tax credits for providing an eco-friendly work environment, hybrid vehicle company cars, or purchasing energy-saving appliances.
  • Wind Energy: You can receive a 30% tax credit for the cost of a wind energy system once you have installed it.
  • New Windows: Installing energy efficient windows can provide you with a tax credit of up to $200.
  • Plug-in Hybrids: Effective January 1, 2009, there will be a huge new tax incentive for the first 250,000 plug-in hybrid vehicle buyers. Buyers will receive a credit from $2,500 to $7,500 for both cars and trucks following the plug-in hybrid standards.

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