In 2008, then President, George Bush, enacted a number of laws to give economic incentives to energy conscious taxpayers who were willing to do home improvements with a view to energy conservation. These laws became part of The Emergency Stabilization Act.
Under this act, a tax break is offered to homeowners who replace their roofs with metal materials as opposed to traditional asphalt shingles. Metal roofing materials reflect glare and heat rather than absorbing it and are, therefore, prone to keep a home cooler. This reduces energy costs for cooling. They also lower air pollution and smog by cooling the temperature of the air around the home.
This tax credit is only available during the tax year 2009, so if you are going to replace your roof, you better do it soon. You can get a credit of up to $500, or 10% of the cost of your new roof, whichever is less. The materials need to be coated steel roofing with the Energy Star rating.
If you don’t need a new roof, you won’t use this tax credit. If you do need a new roof, it might be a good idea for the environment, your cooling bill, and your taxes to get this type of installation done.
You will need to provide a statement from the manufacturer, along with filing an Internal Revenue Service form number 5695 in order to get your tax credit. It is claimed that installing a coated steel roofing system can save you as much as 40% in the energy costs to cool your home. Along with the tax and savings benefit, installing a coated steel roofing system on your home might lower your homeowner’s insurance premiums.
This all stems from knowing about the current tax laws and making an effort to benefit from them. Who would have thought that you could get a tax credit by installing a new roof? In order to keep current of the ever-changing tax laws and to be certain that you receive every tax credit, exemption, and deduction to which you are legitimately entitled, you may want to consider consulting a tax professional about preparing your income tax return for you.
There are many deductions for homeowners applying to energy and home improvement credits, along with tax breaks for green living, and the financial obligations of owning a home like mortgage interest and real estate tax deductions.
Do you want to save in fat electricity bills and get some tax credit in the same time? Then you should not miss out on this steel roofing tax credit. But you need to hurry as the credit is available only for the year 2009. Here are some valuable tips offered by Chintamani Abhyankar.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous Tax eBook “Stop donating your money to IRS” which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.