Can Going Green Save Some Green?
Sigh.
It’s the day after tax season. Folks are tired and cranky (trust me, I get the emails). Nobody likes to pay taxes. And every year, you swear to do better, plan more, save more. Why not actually do it this year?
There are a couple of things that you can do throughout the year to lower your tax bill. And many of them can help you give back to the government, too.
Consider:
Buy a green car! Buying a hybrid car has environmental benefits - and tax benefits, too. Depending on the make of the vehicle, you could qualify for a tax credit of up to $3000. For a list of what qualifies in 2008, check out the IRS list of applicable credits.
Buy a green house! Oh wait. That doesn’t apply anymore… As of December 31, 2007, most of the residential tax credits (windows, doors, roofs, insulation, HVAC, and non-solar water heaters) expired. You can still take advantage of solar water heaters and solar panels remains in effect through December 31, 2008. A bill to extend the credits passed the House on February 27, 2008, but not has not passed in the Senate - the hold up is the offset in revenue by removing tax breaks for oil companies.
Buy green products! Sales tax can be deductible if you itemize - especially if you live in a state that has no state income tax. So, you can choose the products that you’ve been putting off - and save money, too.
So you can definitely save money (and the planet) by utilizing these tax credits and deductions. But let’s face it - creating tax policy that benefits the environment has not been a priority for this administration. Don’t let that stop you… State and local officials have recently been more receptive to offering tax incentives to taxpayers for green behavior - or tax disincentives to taxpayers with bad behavior (like in Chicago). Find out what the rules are in your state and locality - and if you don’t like them, fix them. It’s often easier to institute real change at a local level - give it a try.
Even if you aren’t yet energized to call your local council person, I still want to know what you’d change. So tell me, if you could add a tax incentive for going green, what would you do?
Tags: deductions, energy savings, environment, greenRelated Stories
POSTED IN: environment, individual, pop culture
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