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FOR IMMEDIATE RELEASE
Be Nice to Mother Earth and Score Big
Lohman Company, PLLC Reveals 3 Tax Credits
March 18, 2008 -- Eco-friendly purchases don’t just
help Mother Earth, they also can save you money on your taxes. Outfitting
your home with new storm doors and windows or buying a gas-efficient
hybrid car can help you score tax credits. The energy credits are more
valuable than a deduction, according to Jay Lohman, founder and president
of Lohman Company, PLLC, a certified public accounting firm in Mesa.
“A tax credit can provide significant savings. It reduces the
amount of income tax you have to pay dollar-for-dollar – or
boosts your refund. A deduction only saves you a fraction as
much because it reduces the amount of income subject to tax,” he
said.
Here are Lohman’s top three earth-friendly tax credits:
- Install Energy-Efficient Home Appliances
– Home improvements installed before December 31, 2007 can
qualify you to receive an energy tax credit for worth 10% of
the cost up to $5,000, resulting in a maximum tax credit of
$500. There are a number of improvements that qualify for
the tax credits available and each can save you big bucks.
According to a national survey conducted by Energy Star, the
average home’s estimated savings for the following
energy-efficient improvements are:
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ENERGY SAVER
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EXTRA COST
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ANNUAL SAVINGS
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PAYBACK PERIOD
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Programmable thermostat
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$40
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$100
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5 months
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Compact fluorescent bulbs
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$30
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$50
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7 months
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Furnace
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$500
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$400
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1 year, 4 months
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Clothes washer
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$300
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$50
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7 months
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(*In southern U.S., additional cost and savings beyond that
of standard replacement equipment.)
For more information visit
www.EnergyTaxIncentives.org and to complete
IRS Form 5695,
“Residential Energy Credit” to be filed with your individual
federal taxes.
- Buy a Hybrid Car – As gas prices
continue to hit record-high’s, it may be time to think about
purchasing a gas-efficient hybrid car. In addition to
better gas mileage, you may be eligible for a tax credit.
If you bought a hybrid car or truck this year, you qualify
for a tax credit ranging from $250 to $2,600, depending on
the make and model. However, the sooner you act the better
because the tax credit for some of the most popular
fuel-efficient vehicles -- the Toyota Prius, Toyota
Highlander Hybrid and the Lexus RX 400h -- has already been
cut in half now that the manufacturers have sold their
initial 60,000 vehicle allotment. Visit
www.fueleconomy.gov
to compare hybrid cars for yourself. Also, complete Form
8910, “Alternative Motor Vehicle Credit” at
www.irs.gov.
- Invest in Solar Power – Tax credits are
available for qualified solar water heating and photovoltaic
systems. The credits are available for systems “placed in
service” from January 1, 2007 through December 31, 2008.
The tax credit is for 30 percent of the cost of the system,
up to $2,000. This credit is not limited to the $500 home
improvement cap. In order to qualify, at least half of the
energy generated by the “qualifying property” must come from
the sun.
Check out
www.energytaxincentives.org for more details about the
earth-friendly tax credit incentives and guidelines.
Lohman advises sitting down with a tax consultant to
determine your eligibility and the tax credits available to you
to get the most out of your commitment to a greener earth.
Contact a tax specialist today at
www.lohmancompany.com.
For More Information Contact:
Lohman Company, PLLC
Stapley Center
1630 South Stapley Drive, Suite 108
Mesa, AZ 85204
Phone: (480) 355-1100
Fax: (480) 355-1130
Internet:
info@lohmancompany.com
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