(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.
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.
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.
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.
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:
* The door must be an insulated residential garage door, installed on an insulated garage.
* The door must have a U-factor equal to or less than 0.30, even if the door contains windows.
* The door perimeter must have a means to control air infiltration.
* The door must be expected to remain in service for at least five years.
* The garage must be part of the taxpayer's principal United States residence.
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.
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. Courtesy of ARAcontent