A Home Improvement Project that Saves Big Money on Taxes

by | Sep 26, 2011 | 8, Articles

<h2 style="margin: 10pt 0in 0pt"><font size="3" color="#990000">A Home Improvement Project that Saves Big Money on Taxes</font></h2><p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">(ARA) – Wouldn’t it be nice if adding style, curb appeal and energy efficiency to your home actually saved you money? In 2009 and 2010, it can. Thanks to the new 2009 stimulus legislation, American homeowners can earn up to a $1,500 tax credit for buying qualifying insulated garage doors.</span></p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt"><p style="margin: 0in 0in 0pt" class="MsoNormal">The recent stimulus legislation signed by President Obama on Feb..17, extends and significantly increases these tax credits for energy-efficient home improvements. Adding a new garage door in 2009 or 2010 can save homeowners money by not only helping lower energy consumption and costs, but also by paying for itself through the tax credit incentive. </p><p style="margin: 0in 0in 0pt" class="MsoNormal">A tax credit is more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only decreases the amount of income that is taxed. More details on the tax credit, along with information about garage door styles and local dealer installers, can be found at GarageWowNow.com, a non-commercial Web site.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/8b.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="../images/banners/8b.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>  <p style="margin: 0in 0in 0pt" class="MsoNormal">If your home has an attached garage, the room next to the garage is often the coldest room in the winter. Cold air in the winter, and warm air in the summer, can enter the house through the garage, increasing the amount of energy the home needs for heating and cooling. Insulated garage doors not only make a noticeable difference in the temperature of a home, but now can also save you money off the bottom line of your income taxes.</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">The new tax credits are available for qualifying garage door purchases placed in service from Jan.1, 2009, through Dec. 31, 2010. The maximum tax credit that a taxpayer may claim from all qualifying improvements combined is a whopping 30 percent of the cost of each product and $1,500 over the lifetime of the tax credit periods (2009 and 2010). To be eligible for the tax credit:</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">* The door must be an insulated residential garage door, installed on an insulated garage.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">* The door must have a U-factor equal to or less than 0.30, even if the door contains windows.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">* The door perimeter must have a means to control air infiltration.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">* The door must be expected to remain in service for at least five years.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">* The garage must be part of the taxpayer’s principal United States residence.</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">In addition to saving money and energy, installing a new garage door also improves a home’s appearance and value. The garage can comprise a third or more of your home’s front appearance. A new door that is quickly, safely and correctly installed by a local professional will differentiate your home and add style, value and curb appeal. </p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Even in today’s tough economic times, replacing your garage door with a new upscale model can boost the resale value of your home. A recent online survey revealed that 71 percent of homeowners who recently replaced their garage door believe it definitely increased the value of their home.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/8c.swf" /><param name="quality" value="high" /><param name="menu" value="false" />&lt;param name="wmode" value="" /><embed src="../images/banners/8c.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>  <p style="margin: 0in 0in 0pt" class="MsoNormal">To find a professional dealer/installer and the garage door style that’s right for you, visit GarageWowNow.com. The site’s ZIP code search function will help you find a professional in your area who can install your door in a few hours. The site also features before and after images of new garage doors that have dramatically changed the appearance of homes. </p>  <p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">Courtesy of ARAcontent</span></p></span>