These are just a few of the credits detailed in the American Recovery and Reinvestment Act that you may not have known about! Claim yours if you're eligible!
Residential Energy Property Credit: This new law increases the energy tax credit for homeowner's who make energy efficient improvements to their existing homes. Improvements MUST be placed into service between 2009-2010 and the credit is for 30% of the cost of the improvement or $1,500 maximum.
Plug-In Electric Drive Vehicle Credit: This is for plug-in electric vehicles purchased after Dec. 31st 2009. To qualify, it must be newly purchased, have at least four wheels, have a gross vehicle weight of less than 14,000 pounds, and "draw propulsion using a battery with at least four kilowatt hours that can be recharged from an external source of electricity." The minimum amount of the credit is $2,500 and the maximum is $7,500. How much you get is dependent on the battery capacity.
Conversion Kits: This provides a tax credit for converting your motor vehicle to a plug-in drive vehicle. The credit is for 10% of the cost of the conversion and it must be placed in service after Feb. 17th, 2009 and before Dec. 31st, 2011. The max amount of the credit $4,000.
COBRA: This is an employer provided health insurance continuation subsidy for workers who involuntarily lost their jobs between Sept. 1st, 2008 and May 31st 2010. Eligible individuals must receive Trade Adjustment Assistance benefits or be between the ages of 55 and 65 and receive pension payments from the Pension Benefit Guaranty Corporation. The individual must also be enrolled in a qualified health plan.
There are several other credits, but these are just a few to wet your money saving appetites. Who doesn't like saving money? I don't know about you, but I HATE losing money. It's why I never gamble, play the lottery, or place bets. It stems from when I was about 8 years old and I went to see a movie with my grandparents at the movie theatre. We viewed the film, left the theatre, and got home only for me to realize I was missing my wallet. MY LIFE SAVINGS!
My sister always talks about stuff we did when we were little and I have no recollection of most of it. She has a great memory of the fun things we did and the big events we were a part of. My mind is just about blank when I try to recall the past. However, I do remember losing $64 in a grey and black smokey colored imitation leather wallet at a Cinemark movie theatre when I was 8 years, 3 months, and 17 days old in Spartanburg, South Carolina. Call me crazy, but that scarred me for life and I haven't lost a wallet since.
If anyone found that wallet almost 20 years ago, call the number in the side bar because I want my money back. Factoring inflation, which I calculated, $64 in 1991 is approximately $99.55 today. I expect that amount minus a reward of $3 for bringing it home to daddy. ANYWAYS, back to putting money in YOUR wallets. To make it REAL EASY for you, which is what I'm hired for, here is a "Tax Savings Tool" that can tell you if you qualify for an of the credits in the American Recovery and Reinvestment Act:
Information given is considered reliable, but not guaranteed and is subject to change. If you plan to take advantage of the credits offered please go to www.irs.gov to research further into eligibility requirements.