As we get closer to April 15, many of us at First Choice Power are putting the finishing touches (or, um, just starting) on our federal tax returns. It’s a good time to remember that if you bought an ENERGY STAR rated product for your home in 2011, you might be eligible for a tax credit.
Claiming your energy efficient tax credits is pretty simple, and it’s explained fairly clearly on the government Energy Savers website. In a nutshell, you’ll need to visit the IRS website to download a few special forms.
• For renewable and efficiency credits, use IRS Form 5695.
• For alternative motor vehicle credits, use IRS Form 8910. You’ll also want to download instructions for this form.
• For qualified plug-in electric drive motor vehicle credits, use IRS Form 8936.
You’ll also need to have copies of the receipts for your eligible items to send in with your tax return. There are a few rules (you can only claim credits once, there’s a $500 limit, etc.), but the amount you can save can make it worth your time to fill out the additional forms.
Happy filing! Let us know when you’re done in the comments below. And don’t forget to subscribe to The Current for information on everything from saving electricity to tax tips.