Save Money and the Environment this Tax Season
By: Brittney Gordon-Williams
As W2s and end-of-year statements pop up in everything from your mailbox to your inbox, it becomes quite clear that we have reached that time of year—tax time. But, there could be a bright spot as you approach filing your taxes this year. If you made certain energy efficient home improvements /purchases in 2013, this may be your year to reap the benefits of saving with ENERGY STAR.
What is Eligible?
ENERGY STAR products in the following categories are eligible for 10% of the product’s cost up to $500, or a specific amount from $50-$300. Products must have been purchased for an existing home that you use as your primary residence. These purchases must have been made by December 31, 2013.
• Air source heat pumps
• Central air conditioners
• Non-solar water heaters
• Windows and doors
ENERGY STAR certified geothermal heat pumps are eligible for 30% of the product’s cost with no upper limit. Products must have been purchased for new or existing homes, and both primary and secondary residences may apply. This tax credit expires December 31, 2016.
If you made any of the above improvements last year, you will need to file the 2013 version of IRS form 5695, and submit it with your 2013 taxes by April 15, 2014. You should save your receipts and the manufacturer’s certification statement for your records. Check out energystar.gov/taxcredits for more details on filing for your credit.
There are still many ways to save energy, save money and protect the climate after tax season is over. Check out www.energystar.gov for simple ways to keep your energy bills low all year long.
Brittney Gordon is a member of the communications team for the U.S. EPA’s ENERGY STAR program.
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