Eco Products That Are Tax Deductible

Eco Products That Are Tax Deductible

If you are wondering if eco products are tax deductible, maybe this will help you.

There are plenty of things that can help you save money if you go green. In 2011 you could write off home energy efficiency improvements. The tax credit was for 10 percent of how much you paid for the equipment and it could be up to $500 for asphalt or new metal roofs, energy efficient doors, retrofits that seal home air leaks, and skylights. For those who purchase a plug in hybrid or electric vehicle you could get a tax break. Also in 2011, if you purchased a Chevy Volt or Nissan LEAF you could’ve gotten a $7,500 tax credit.

Even if you did not make any purchases that were eco-friendly last year, you could’ve received deductions for donations you made to company’s like Goodwill or The Nature Conservancy. You can do this by keeping the donation receipt that the company gave to you. For instructions on filing for a tax credit or deduction you should look through the Internal Revenue Service’s guide to charitable contributions.

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Nissan Leaf at the 2009 Tokyo Motor Show (LHD). (Photo credit: Wikipedia)

As for some of the things not covered by federal tax credit are: ceiling fans, dehumidifiers, ovens and ranges, refrigerators, toilets, window treatments, whole house fans, compact fluorescent light bulbs, light fixtures, programmable thermostats, and clothes washers and dryers.

So if you are interested in saving money this next tax season on eco-friendly products that you purchased, check the guidelines on the IRS website.

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