Make money with these tax savings stratergies

tax refund travel

Have you heard about the bill that Congress passed in 2005 that can give you a tax credit (that’s a dollar for dollar cutback in your tax schedule to Uncle Sam!)

Indeed, Congress passed the Energy Policy Act of 2005.  This federal legislation can provide you with up to $500 in tax credits for improvements to your house.  More than $3,000 in tax credits for purchasing a hybrid car, and if you’re into helping the environment and you install some solar electric panels on your roof or a solar water heater collector on your roof, you can obtain additional $2,000 for each!!

Amazing, where was this bill when my home underwent several developments two years ago.  If you happen to be a business owner, you can obtain tax credits for your building, company vehicles, plus The Energy Policy Act awards an assortment of tax credits for businesses, home owners, home builders, appliance makers and hybrid/fuel efficient transportation.  Some of these tax credits expire in December 2007 while others expire in later years.  And even our Congress is looking at spreading these tax credits around to as late as 2015.

So, is there anything I ought to do to qualify for this tax credits and is it indeed something I could use?   Well, this all depends on your requirements.   If you happen to be a homeowner, you can get as much as $500 in tax credits if putting up new objects in your home, they are about $200 for a new furnace or boiler, an extra $200 for new windows, and about $300 for a new air conditioner, or new doors, or water heater or insulation.

tax refund travel

The tax credit ceiling you can obtain for your house is $500, with the exclusion of putting up a solar electric system (cell Solar PV - photovoltaic) or a solar water heating system.  Both of these systems can net you another $2,000 each in tax credits.