Purchase Simonton Replacement Windows: Get a $1,500 Tax Credit
July 29, 2010
Sometimes new windows can revive the look of a tired old house, and other times replacement windows can make a cold house feel warmer, yet one thing is for sure; installing replacement windows in your home is a sure-fire way to save money this year. You can thank the federal government for this, because they have passed a bill which offers homeowners a $1,500 tax credit for energy efficient home improvements. Purchasing Simonton replacement windows for your home is one way to take advantage of this tax incentive, but you need to act quickly, because the tax credits may only be available for a few more months.
How to Take Advantage of $1,500 Tax Credit by Purchasing Simonton Replacement Windows:
- You can claim 30% of the total cost of your new windows, up to a maximum of $1,500. Unfortunately, you can not include the cost of installation or delivery.
- You must purchase the replacement windows this year, which will allow you to claim the credit on your 2010 tax return. If you are audited by the IRS, you may need to show them your sales receipt and proof that your windows meet the performance standards set by the government. Saving the stickers that come on your new windows is a simple and easy way to identify the performance standards of your newly installed windows.
- All qualifying home improvements must be made to your primary residence. Although vacation homes and rental properties do not qualify for the tax credit, you may still save money by installing replacement windows in these houses as well, as increasing the energy efficiency of a house usually results in lower heating and cooling costs.
Although very few people understand every complex rule in the IRS Tax Code, this energy-saving tax credit is pretty simple and can help you keep more money in your pocket next tax season. Remember this is not a tax deduction, which only reduces the amount of your taxable income, this is a tax credit, which actually reduces the amount of tax you owe. So if you receive a $1,500 tax credit for installing new replacement windows in your home, that's a $1,500 bottom-line savings!