It’s tax time, which means one thing—money! This is the time of year when homeowners are looking for any tax credit they can use to help make sure their refund is as big as possible. The folks at Mister Quik have gathered a few tax deductions/credits you might not know about, some of which we can help you with for this year’s taxes:
Energy Star Certified Water Heaters
If you purchased an Energy Star certified water heater in 2016, you are eligible for a tax credit. The tax credit amount is $300 as long as your water heater fits one of two requirements:
- Electric Heat Pump – Energy factor is greater than or equal to 2.0
- Gas/Oil/Propane (Tankless) – Energy factor is greater than or equal to 0.82, or thermal efficiency of at least 90%
Did you know that if you currently have a geothermal unit heating and cooling your home, you can take a tax deduction? Anyone who owns a “real property” or mobile/manufactured home that is equipped with a geothermal device, or is buying under contract a property with the device is eligible. The device must be installed after December 31, 1981, and the device should be certified by the Indiana Department of Environmental Management (IDEM).
If you had purchased a geothermal heat pump in 2016, there is a federal-level tax credit available that covers 30 percent of the equipment cost.
Solar Energy Heating or Cooling Systems
Any person who owns the real property or mobile/manufactured home, or is under contract to purchase a property equipped with a solar energy system is eligible for a tax deduction. The referendum was made effective March 1, 2010, for the state of Indiana. The deduction equals the out-of-pocket expenses by the owner (or previous owner) for the equipment and labor.
Make sure you know what tax credits or deductions you might be eligible for before you start working on your 2016 taxes. If you have any questions, the Indiana Department of Local Government Finance put together a useful fact sheet to answer any questions.
You can also call Mister Quik and discuss what options you have for 2017 when it comes to complete home comfort and how we can help you live a little greener for the environment and for your pocketbook.