Green living is catching on, and so is the federal government. Tax deductions available on green living expenses have made it more and more possible for people to choose this way of life without being priced out of its options. You can now make green living decisions knowing that some of the costs to do so will be offset by government tax deductions and credits.
Hybrid cars are one of the best ways to get green living deductions and credits available to taxpayers. Depending on the car’s type of propulsion system and other factors, you can get tax breaks of anywhere from $250 to $7500. Not only will you be saving money on the cost of fueling your vehicle, but you can be saving quite a bit on its purchase as well. Not to mention the good things such a purchase does for the environment.
Insulating your home can qualify you for a tax deduction of 30% of the cost up to $1500.
The best way to experience green energy savings is by using solar or wind energy conversion in your home. The federal government will give you a tax deduction of 30% for powering your home by wind or sun. These are probably the safest ways we can use the earth’s natural resources to provide energy, heat, and cooling for our homes. Now you can get off the power grid and get a tax break for doing it. This tax deduction is 30% off any sum you spend, no matter how much. It is also on the books every year from now until 2016.
The government has come up with a new rating system for efficient appliances and other energy related items and services. Look for the energy star symbol when making any purchases associated to green living deductions. If the item you purchase or have installed does not have an energy star rating, you might not qualify for the tax deduction or tax credit. You can get more information on the energy star rating system by going to http://www.energystar.gov.
There are many taxpayers who have expressed a desire over the years to do more about conservation and preserving the environment. Now, with the benefit of these new tax deductions and tax credits, green living may be a more viable alternative for you. Do your due diligence and research all the options for tax credits and tax deductions available to you in the new tax code. You now may be able to experience the best of all worlds by saving money through energy efficiency, helping to conserve and clean the environment, and getting a tax break, too.