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Happy Earth Day!

Happy Earth Day everyone! In honor of the day, I decided to “recycle” an older blog entry that I originally posted a few months ago. If you are looking for ways to reduce your carbon footprint while saving money then be sure to check out 10 “Green” Ways to Use your Tax Refund.

10 “Green” Ways to Use your Tax Refund

One great way to maximize your tax refund is by investing the money you get into going “green.” In addition to lowering your carbon footprint, you can also save money and take advantage of numerous tax incentives. To help all of you looking to go “green” this tax season, I have composed the following list of the top ten ways to use your tax refund to help the planet.

1. New windows

If you do not have them already, installing energy-efficient, or double=paned windows can be a great way to use your refund. Not only will installing these new windows keep the cold out and the heat in, but you can also claim federal tax deductions for qualifying installations, if installed before December 31st of 2009. You can deduct 10% of the cost, up to $200 for all windows, skylights, and storm windows.

2. Hybrid Vehicles

The arrival of new and updated hybrids in 2009 also brings with it a round of new green auto deductions. If you purchase one of the new plug-in electric vehicles, you will qualify for a new tax credit, between $2,500 and $7,500, based on the battery capacity. Get them quick though, as phase-outs begin after the first 250,000 vehicles are sold. Additional credits are also available to qualifying hybrid and biodiesel vehicles manufactured after 2006, depending on their battery capability, manufacture date, and hybrid ability.

3. Replace your Lights

Replacing one older bulb with a newer, more efficient one can save you up to $350 throughout the light of the bulb! Replacing all lights in your home (or office) with new, energy efficient bulbs is a great way to spend your refund because it will also save you money in the future. Additionally, if you are remodeling a building and purchase more efficient lighting for it, you may even qualify for a deduction or credit for doing so.

4. Start a Garden

A lot of people have dreamed of having a garden of their own, but simply the time or money to do so. Using your tax return to fund this new endeavor is a great investment that you will not regret. Not only will having a garden of your own give you a new and free therapeutic activity, but you will now have a supply of fresh fruits and vegetables (if that is what you decide to plant) free of charge!

5. Green Mutual Funds

Much like other mutual funds, “green” mutual funds take your money and invest it in to other companies, hopefully giving you a good return on investment over time. What makes “green” mutual funds different is that they only invest your money in companies who actively benefit the environment with their products, have projects running that help the environment, or have clean and sustainable business modules.

6. Recharge and Save

More than 3 billion batteries are purchased, used, and thrown away by Americans every year. That is a lot of money, and a lot of trash. Purchasing batteries and appliances that are rechargeable is a great way to save money and do good for the environment at the same time.

7. Treat Your Kitchen

Purchasing new appliances for your home will help you save energy and money, as well as give your Kitchen a new look! You might be surprised at how much energy old microwaves, ovens, blenders, coffeepots, etc. waste compared to new efficient models. Remodeling your kitchen will all new appliances is a great “green” way to invest your refund, while also increasing the value of your property.

8. New Heater or A/C

Updating to a new air conditioning and heating system will benefit you in many ways, including a nice tax benefit. As long as your new a/c and or heater was placed in to service between Jan. 1st 2009 and Dec. 31st, you can claim a credit of $300, or possibly even more depending on the system you used. Check the IRS website for a full list of credit qualifying products.

9. Alternative Energy Stocks

If you like to play the stock game, and you love the planet, then you may be interested in investing in alternative energy stocks. It can be confusing if you are a beginner, but as the trend spreads there will be more information available. For now, check out sites like AltenErgyStocks.com for more ideas and tips.

10. Home State Incentives

While there are a lot of green Federal tax incentives for both the 2008 and 2009 tax year, there are also many States who offer “green” State tax incentives as well. Be sure to check your States website for more details, or speak to a local tax professional.

EPA Cow Tax Could Charge $175 per Dairy Cow

From Business & Media Institute:

Call this one of the newest and innovative the ways your government has come up with to battle greenhouse gas emissions.

Indirectly it could be considered a cheeseburger tax, but one of the suggestions offered by the Environmental Protection Agency (EPA) in its Advance Notice of Proposed Rulemaking (ANPR) for regulating greenhouse gas emissions under the Clean Air Act is to levy a tax on livestock.

The ANPR, released early this year, would give the EPA the authority to regulate greenhouse gas for not only greenhouse gas from manmade sources like transportation and industry, but also “stationary” sources which would include livestock.

The New York Farm Bureau assigned a price tag to the cost of greenhouse gas regulation by the EPA in a release last month.

“The tax for dairy cows could be $175 per cow, and $87.50 per head of beef cattle. The tax on hogs would upwards of $20 per hog,” the release said. “Any operation with more than 25 dairy cows, 50 beef cattle or 200 hogs would have to obtain permits.”

Kate Galbraith, correspondent for The New York Times, noted on the Times’ “Green Inc.” blog that such a “proposal is far from being enacted” and that the “hysteria may be premature.”

But Rick Krause, senior director of congressional relations for the American Farm Bureau, warned it’s certainly feasible – especially based on the rhetoric of President-elect Barack Obama and the use of the EPA to combat global warming. Such action by an Obama administration would take an act of Congress for livestock to be exempt.

“The new president has been on record as saying that he really supports regulating greenhouse gases out of the Clean Air Act,” Krause said to the Business & Media Institute. “So, we really have to keep an eye on it. Legislation would really be the only way to exempt it at this point – the cow tax.”