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Tax Credits Available For New Furnace Buyers

Not letting hot air get lost up the chimney has its rewards.

Tax Credits Available For New Furnace Buyers

Not letting hot air get lost up the chimney has its rewards. Many homeowners who are replacing their furnaces are choosing high-efficiency models to help combat rising heating costs. High-efficiency furnaces, however, can be more expensive in the short term than their standard-efficiency counterparts. To make the purchase of this and other high-efficiency appliances easier on the average household, Congress passed the Energy Policy Act of 2005, which provides tax credits for the purchase of high-efficiency furnaces.

The new Energy Policy Act (EPACT) makes provisions for tax credits for qualified homeowners who install furnaces between Jan. 1, 2006 and Dec. 31, 2007. If the furnace installed has an energy-efficiency rating of 95% AFUE (Annual Fuel Utilization Efficiency) or higher, the homeowner may qualify for a tax credit of $150. And if the furnace uses a high-efficiency variable-speed blower motor, the purchaser may be eligible for an additional $50 tax credit!

According to Jim Miller, product manager for Goodman furnaces, 95% AFUE furnaces save homeowners money in the long run, even without the tax credit. "Simply put, with a 95% AFUE furnace, for every dollar you spend on heating energy, 95 cents of that dollar is used to warm your home," explained Miller. "Many furnaces older than 15 years operate at efficiencies of approximately 60% AFUE, meaning only 60 cents of the gas burned contributes to your home's heating." The remaining 40 cents is lost up the chimney-expensive and wasteful.

"Plus, 95% AFUE furnaces with a variable-speed blower are even more efficient," Miller added. "The variable-speed blowers we use in our Goodman GMV95 95% AFUE Variable-Speed Furnace typically require up to 75 percent less electricity than a standard motor. Because a furnace's blower also works with the home's cooling system to circulate air, consumers experience increased efficiency year-round."

Homeowners should work with a certified heating and air-conditioning contractor to choose the furnace that meets the needs of their home and should check with their tax professional regarding the requirements for the EPACT tax credits. Goodman is the second-largest unit manufacturer of residential heating and cooling equipment in the United States, and the first manufacturer to provide a complete line of 95% AFUE furnaces.

 

Tax Credits for Retirement Savings

It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us.

retirement, tax, taxes, tax credits, 401k, ira, social security, federal government, irs, pre-tax

It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us.

Tax Credits for Retirement Savings

Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs. Regardless, most people fail to do all they can in this regard. In an attempt to motivate us taxpayers to save as much as we can for retirement, Uncle Sam is dangling tax credits before us like the proverbial carrot.

The tax credit in question is the Retirement Savings Contributions Credit. Qualify for it and you may be eligible to take a credit of $1,000 for singles and $2,000 if you’re filing jointly. The credit is eligible for those that make contributions to 401ks and retirement vehicles. The amount of the credit is determined on a sliding scale based on how much you make and contribute.

You can claim the retirement savings tax credit:

1. Individual taxpayers with incomes of $25,000 or less.

2. Individual taxpayers that are head of households and make $37,500 or less.

3. Married couples filing jointly who make $50,000 or less cumulatively.

There are some very minor restrictions regarding who is eligible for the tax credit. First, you have to be older than 18. Second, you can’t be a full time student. Finally, another dependent can’t claim you as a dependent on their tax returns.

Importantly, this tax credit is in addition to other tax advantages you gain from piling money into a retirement account. With a 401k, for instance, you can pound in pre-tax earnings, which cuts down your adjusted gross income for the tax year. Once you figure out your taxes, you can then deduct another $1,000 or so for the tax credit. Put another way, saving for your retirement is a no brainer.

The federal government is practically begging you to put away money for retirement. With this tax credit, there is absolutely no reason to fail to comply.

 

Come and get it…Your Federal Tax Credits

The U.S. Federal Government has created a large number of tax credits, and some tax deductions for homeowners, hybrid and alternative car purchases, and business owners. The 2005 bill can provide thousands of dollars in tax credits.

energy policy act, tax credits, tax incentives, new homes, builder, furnace, water heater, energy star, hybrid, diesel, alternative fuel

Money is like manure; it's not worth a thing unless it's spread around encouraging young things to grow. – Thornton Wilder
The lack of money is the root of all evil. – Mark Twain

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?

That’s right Congress passed the Energy Policy Act of 2005. This federal legislation can provide you with up to $500 in tax credits for improvements to your house. 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 if you’re a business owner you can get tax credits too for your building, company vehicles, and The Energy Policy Act provides a variety of tax credits for businesses, homeowners, home builders, appliance manufacturers, and hybrid/fuel efficient automobiles. Some of these tax credits expire in December 2007 while others expire in later years. And even our Congress is looking a spreading these tax credits around to as late as 2015.

So what do I have to do to get qualify for these tax credits and is it really something I need. Well this all depends on your needs. If you are a homeowner you can qualify for up to $500 in tax credits if installing new items in your home, they are up to $200 for a new furnace or boiler, another $200 for new windows, and up to $300 for a new air conditioner, or new doors, or a water heater, or insulation.

The maximum tax credit you can claim for your house is $500, with the exception of installing a solar electric system (call Solar PV – photovoltaic) or a solar water heating system. Both of these systems can net you another $2,000 each in tax credits.

You can also claim up to $3,400 in tax credits when buying a new hybrid vehicle. The tax credit is based upon the type of vehicle and how much does fuel savings does the hybrid achieve when compared to its non-hybrid cousin. The more efficient hybrids are going to qualify for the higher tax credits and reports from such distinguished periodicals such as Consumer Reports is saying a Hybrid car actually costs less than the non-hybrid version after five years this includes all of the associated maintenance costs and fuel costs over the life of the vehicle.

Depending upon what type of business you own you can qualify for thousands of dollars in tax credits. If you’re a homebuilder you may qualify for a $2,000 tax credit, and manufactured homebuilders can receive either a $2,000 tax credit or a $1,000 credit.

Congress did not forget the business owner and also provides a tax credit for solar photovoltaic or solar water heating systems and the credit can exceed $2,000. The owner of a commercial building, including apartment complexes, can also claim a deduction (not a tax credit) on new efficient lighting installed at their facility.

Gas station owners can add an Ethanol system at their station and receive thousands of dollars in tax credits. The IRS continues to interpret and release notices to the public describing their interpretation of the congressional bill.

Before buying any new product for your house checkout different websites to obtain updated information on the tax credits, what has changed, and what has recently been released through a Notice.

As Thornton Wilder said “it’s not worth a thing unless it’s spread around and encouraging young things to grow.” Congress has spread around tax credits and incentives for us to help this industry grow lets all do our part and remember there may be a tax credit available to you when you make an improvement to your house or buy a new car.

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