You can save money on your 2011 taxes with these soon-to-be-extinct tax breaks!
Think it’s too late to save on your 2011 taxes? Think again! Here are six deductions and tax credits that will be gone by the end of the year:
- Energy Efficiency Tax Credit
Making energy-efficient upgrades to your home isn’t just a great way to cut down on heating and cooling costs, it can get you a tax credit too.
If you add more insulation to your attic or buy an energy-efficient appliance, among other possible improvements, you can apply for a tax credit. For a full list of qualifying improvements, refer to the Energy Star website.
The tax credit is worth 10% of the cost of these improvements.
But note that there is a $500 lifetime limit on this credit, so if you’ve taken advantage in previous years, you may not be able to do so again.
Congress has made some changes to the rules governing these credits for 2011. Go here for a full summary of the changes. (more…)