Are you going to get an extra $1,500 tax credit this spring?
The 2010 30% Federal Tax Credit expires at midnight on December 31, 2010. If you have not used your energy effiency tax credit (2009 & 2010 are combined for a maximum $1,500 credit over the two years), you must act quickly to take advantage of this savings! Products MUST be installed or "placed in service" to qualify for the 2010 credit.
Some of the most common and best ROI home improvement products include insulation, replacement windows, doors, metal roofs, and HVAC upgrades. The time has never been better to finally get some of those energy efficiency upgrades done!
Many of these products are required to be Energy Star qualified, but each product has its own requirements to be eligible for the tax credit. For replacement windows specifically, the windows must have a U-value <= 0.30 and a SHGC (Solar heat gain coefficient) <= 0.30.
More information on energy efficiency tax credits is available at: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
It is important to note that this is a true tax credit, not a deduction. In example, if your tax liability is $10,000 and you had $12,000 withheld. Your tax credit would be $2,000. If you claimed the maximum $1,500 tax credit, then your tax credit would be $3,500 ($2,000 + $1,500)!