Go Green and Lower Your Taxes?
Governments are now encouraging its citizens to honor and advocate the Go Green project that was initiated years back. However, compared with the preceding project, the Go Green act is now looking to secure more supporters by stringing in the activity with an incentive a lot of citizens will surely be interested in – tax reduction. As if helping the environment and doing your part to save Mother Earth wasn’t enough, practicing the techniques and principles of the movement on a regular basis and helping it spread throughout local and national communities will also earn you tax benefits. At present, the US government is rendering tax advantages and credits to its citizens whom can remodel their homes with power-saving and energy-efficient technologies and practices as well as purchasing hybrid or energy-saving vehicles and machinery. These technologies will already save you money as effectuated and seen from your monthly power bills. Yet with the inclusion of tax benefits that the US recently granted, Go Green movement can definitely be expected to expand in tremendous and unprecedented amounts throughout the succeeding years to come.
Ways to Reduce Your Taxes through Going Green
There are several ways as to how you can be eligible for claiming state tax incentives and benefits through engaging in eco-friendly activities. Some activities may be simpler than others, yet the end result is a win-win situation either way. One example of reducing your taxes via going green is by purchasing and opting for a hybrid vehicle, particularly a car that operates on alternative energy sources or perhaps a leaner-burning and cleaner diesel engine vehicle. This simple economic and environment-friendly choice can set you at a tax break ranging from a minimum of $250 to as large as $3,500. This rebate is reliant upon the value of gas saved by the vehicle and the total weight of the car. If you purchase two hybrid vehicles, you will be eligible for two tax breaks.
Buying Go Green Supplies
Individuals who purchase and integrate power-saving windows, roofing, insulation, doors, air conditioning systems and centralized heating systems can also render tax benefits of up to $500. Another great tax reduction option to grab is if you own a swimming pool in your home. A simple hot tub heated through solar energy may also be viable. You can recover up to 30% of your costs except if it surmises $2,000. During these instances, you will get just a rebate of only $2,000. You can also recover up to 10% or $200 from installing an eco-friendly exterior window or skylight implementations as long as they conform to the policies and regulations set forth by IECC.
Other Possible Options for Reducing Taxes through Going Green Activities
As a business owner, you can also qualify from tax benefits and incentives by involving your organization through this amazing and helpful project. Depending on your type and level of business, you may be able to claim tax reductions and incentives for helping your clientele make more sustainable and eco-friendly choices directed towards the goals and objectives of Go Green project. For example, if you are a contract engineering and developing properties, you can qualify for up to $2,000 tax incentives for each and every power-efficient structure you are able to construct as long as the house or building complies with the standards and regulations enforced by the Energy Policy Act created last 2005. Deductions are also possible for contractors who work with commercial space as well as for suppliers generating power-efficient electronics and products for green facilities. Due to the wide array of tax reductions and credits accessible today, it is definitely worth assessing in order to claim for tax deductibles you think you are eligible for.
Overall, going green has never been this interesting or rewarding. With or without incentive, such movements should definitely be supported in order to ensure the safety and preservation of our natural resources for future generations to come.
Banner Photo via Flickr
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