How Can the 2013 Energy Tax Credit Benefit You?September 27, 2013
For those considering the purchase of replacement windows, the 2013 Energy Tax Credit is yet another reason to get started on this valuable home improvement. With the purchase of ENERGY STAR®-qualified windows, you’ll save twice: once when you file your tax return, and every month due to lower energy bills!
The federal Energy Tax Credit was instituted to encourage American consumers to make their homes more energy-efficient. To put the tax credit to work for you, simply purchase Huff ‘N Puff ENERGY STAR-qualified replacement windows before the end of the year. Every ENERGY STAR-qualified window includes a label that verifies its ENERGY STAR certification, so look for the ENERGY STAR label!
Apply the tax credit when you file your 2013 income taxes. Remember: a tax credit differs from a deduction in that the credit is directly applied to reduce the tax amount you owe the IRS, or added to the refund you will receive. This is far more beneficial than a deduction, which only affects your final taxable income. For more information about the 2013 Energy Tax Credit and to verify that you qualify, please contact your tax professional.
Here are important points to remember about the Energy Tax Credit:
- Applies to ENERGY STAR-qualified components installed between January 1st and December 31st, 2013, and retroactively to January 1st, 2011.
- Claim a consumer tax credit of 10% of the cost of qualified energy-efficient components installed on your home, including windows and doors.
- Lifetime maximum tax credit for any combination of qualifying products is $500. Consumers who have claimed the $500 limit in previous tax years are not eligible to claim the credit in 2013.
- Only $200 of the limit may be claimed for qualified replacement windows.
- Improvements must be made to your primary residence within the U.S.
- New construction components are not eligible.
Huff ‘N Puff is the leading source for replacement windows, entry doors and other high-quality home improvement products in the Capital Region and Hudson Valley. We look forward to making your home more beautiful AND more energy efficient! Contact us for a quote in Albany, Schenectady, Troy, Clifton Park, Saratoga Springs, Latham, Newburgh, Poughkeepsie or any other community in the region.