2 Ways to Save Money
Energy efficiency can lower your monthly energy bill and your federal tax bill. Heat gained through glass makes up to 40% of your summer utility bill. Solar control window film reduces heat gain by 80%, which helps lower energy consumption. One study showed an average summer cooling cost savings of $105.
Unlike a deduction, a tax credit directly reduces your income tax, which reduces the amount of income subject to tax. The credit can directly increase the tax refund you receive or decrease the amount you have to pay. Homeowners can receive a 10% credit on the costs of window film, up to $500.
Benefits of Window Film
In addition to money savings, window film can reduce fading of your home furnishings, increase indoor comfort, and protect your family against harmful UV rays. Window film is also energy efficient. According to the Alliance to Save Energy, energy efficiency is the quickest, cheapest, and cleanest way to extend our world’s energy supplies.
2011 Tax Credit for Window Film
A provision in the recent Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has created a tax credit opportunity for window films installed in residential structures. Under the new policy, the qualifying credit is 10% of the film cost with a maximum total credit of $500. The new policy went into effect January 1, 2011 and expires December 31st of 2011.
Complete IRS form 5695 and file 2010 Income Tax Returns by April 15, 2012. Forms are downloadable at www.energystar.gov, along with a list of other available energy efficiency tax credits. Maintain copies of the dealer invoice and the manufacturer’s certification statement for your records.
* Nothing herein, including any content set forth in any documents or websites made accessible hereon, shall be deemed to constitute tax advice. SunShade Window Tinting Inc. is not a tax advisor. Please consult your tax advisor regarding your eligibility with respect to any tax credit.