Insulated Garage Door installations eligible for tax credit in 2009 and 2010
Posted by TJ on Tuesday March 31, 2009 @ 07:23 PM
[Tags: taxes, accounting, guide]
Elgible Insulated Garage Doors may qualify for a ta tax credit if installed in 2009 or 2010
The new American Recovery and Reinvestment Act of 2009 was signed by President Obama on Feb. 17, 2009, U.S.
Tax credits are available for qualifying garage door purchases placed in service from Jan. 1, 2009, to Dec. 31, 2010. The maximum tax credit a taxpayer may claim is 30 percent of the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010).
A qualifying garage door installation is all of the following:
* The door must be an insulated residential garage door, installed on an insulated garage.
* The door's U-factor must be less than or equal to 0.30, even if the door contains windows.
* The door perimeter must be able to control air infiltration.
* The door must be expected to remain in service for at least five years.
* The garage must be part of the taxpayer's principal U.S. residence.
As well as receiving the credit a new garage door can also significantly improve a curb appeal and value.
Other Federal Tax Credits for Energy Efficiency includes:
* Tax Credits for Consumers
o Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
+ Windows and Doors
+ Insulation
+ Roofs (Metal and Asphalt)
+ HVAC
+ Water Heaters (non-solar)
+ Biomass Stoves
o Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
+ Geothermal Heat Pumps
+ Solar Panels
+ Solar Water Heaters
+ Small Wind Energy Systems
+ Fuel Cells
* Cars
* Tax Credits for Home Builders
* Tax Deductions for Commercial Buildings
* For More Information
As you may know, a tax credit is more advantageous than a tax deduction since it decreases your tax liability dollar for dollar, as opposed to a tax deduction which decreases your taxable income subject to tax.
Source: http://www.energystar.gov/index.cfm?c=products.pr_tax_credit
[Tags: taxes, accounting, guide]
The new American Recovery and Reinvestment Act of 2009 was signed by President Obama on Feb. 17, 2009, U.S.
Tax credits are available for qualifying garage door purchases placed in service from Jan. 1, 2009, to Dec. 31, 2010. The maximum tax credit a taxpayer may claim is 30 percent of the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010).
A qualifying garage door installation is all of the following:
* The door must be an insulated residential garage door, installed on an insulated garage.
* The door's U-factor must be less than or equal to 0.30, even if the door contains windows.
* The door perimeter must be able to control air infiltration.
* The door must be expected to remain in service for at least five years.
* The garage must be part of the taxpayer's principal U.S. residence.
As well as receiving the credit a new garage door can also significantly improve a curb appeal and value.
Other Federal Tax Credits for Energy Efficiency includes:
* Tax Credits for Consumers
o Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
+ Windows and Doors
+ Insulation
+ Roofs (Metal and Asphalt)
+ HVAC
+ Water Heaters (non-solar)
+ Biomass Stoves
o Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
+ Geothermal Heat Pumps
+ Solar Panels
+ Solar Water Heaters
+ Small Wind Energy Systems
+ Fuel Cells
* Cars
* Tax Credits for Home Builders
* Tax Deductions for Commercial Buildings
* For More Information
As you may know, a tax credit is more advantageous than a tax deduction since it decreases your tax liability dollar for dollar, as opposed to a tax deduction which decreases your taxable income subject to tax.
Source: http://www.energystar.gov/index.cfm?c=products.pr_tax_credit
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Friday March 29, 2013 @ 01:20 PM
You're not going to be able to purchase an indudivial policy that will cover your wife's current pregnancy. Even if you buy a policy with a maternity rider, the waiting period will keep this pregnancy from being covered.You have 2 options if you want your current pregnancy to be covered by insurance keep the policy that you have, or find a job with a new employer who offers benefits.I don't mean to be the bearer of bad news, but that's just the way that it is. Your options are limited when your wife is already pregnant.Also be careful on the HSA option that others have suggested. If the policy doesn't cover the pregnancy, then whatever you pay out WILL NOT count towards your deductible. Only *covered services* count towards the deductible on a health insurance policy.If you purchase a $5000 deductible HSA plan that excludes maternity, your deductible WILL NOT be met even if you pay $5000 cash out of pocket for the maternity. Once again, only covered services count towards the deductible on an insurance policy doesn't matter what you pay out of pocket on something if its not a covered service. Just be very, very careful and make sure you make an informed choice if you decide to go the HSA route to try to get coverage for this pregnancy.