Tax Credits for Taking Energy Efficiency into Your Own Hands!

Take a peak at the energy star website to see what kinds of purchases you can receive tax credits on!

It's not like a deduction- it doesn't reduce your tax burden by just minimizing the amount of income that you must pay taxes on. If you have a deduction, say $100, that means that you'll not have to pay your normal (highest) tax rate for that $100.

Tax credits are a direct write-off of your tax burden. What this means: If you have a tax credit of $100 then whatever tax you may owe is decreased by $100. If you are all paid up and are owed a refund, then your refund will increase by $100!

So, what can you take tax credits on?! Well, a number of things, each to which a number of caveats apply:

Energy efficient/Energy-Star rated:

"Doors and Windows
Roofing
Insulation
HVAC units
Water Heaters
Cars
Solar Energy Systems, and
Fuel Cells"

You can read all about the applicable credits on this page:

http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#s1

I am not a professional tax advisor, nor am I qualified to offer tax advice. Anything written on this page or this blog should not be taken as qualified advice. Consult a tax or investing professional for any assistance you need.

A Thought...

I'm wondering if the color of one's dryer lint can tell something about their personality. When your clothes dry, the color of the lint is most like the average color of the clothes dried during that session. If your lint is all white or gray, it might mean that you're just doing a load of whites, and nothing more. On the other hand, if your lint is all black, then maybe something can be said about your personality. People with yellow and pink dryer lint might be more ditsy, or people with darker lint might be less outgoing. Etc. What do you think? Or, has there been any scientific research performed, to date, that can answer this question?