In these trying economic times, we are all looking
While most people believe that the recent stimulus bill was written and signed to help create jobs to get the economy moving, there are actually several other aspects to the bill that can help put, or in this case keep, money in your pocket. The garage door tax credit can be claimed by anyone who purchases a garage door in 2009 or 2010. The rest of the qualifications are outlined below, but don't worry, when you get ready to invest in your garage door, the dealer should be able to tell you if your door qualifies. Many garage door makers are handing out certificates that guarantee your purchase will meet government standards.
According to the guidelines outlined in the stimulus package, the garage door you purchase and install must be insulated and it must be installed in an insulated garage. The door you choose must have a U-factor equal to or less than 0.30 (a U-factor is a measurement given to doors and windows that grade how efficient they are). The garage door must also have a Solar Heat Gain Coefficient equal to or less than 0.30. The garage door must have a way to control air infiltration and you should plan on using the door for five years or more. Finally, the government asks that the garage door be installed at the taxpayer's main residence, although the door doesn't have to be installed on an attached garage. Again, if all this sounds complicated, don't worry,both the manufacturer and the salesperson from the store where you purchase your garage door should have all the pertinent information for you.
While the total tax credit that you can receive from your door is $1,500, you may not qualify for the full amount. To calculate your tax credit, simply take 30 percent of the total material cost of your new door. Unfortunately, the cost of installation cannot be claimed. For instance, if you paid $2,000 for your new door, your tax credit would be $600. A tax credit is significantly better than a tax deduction, however, because it makes a greater impact on the total amount of tax you need to pay during that year. You will also be doing your garage, and possibly your entire home, a favor by choosing a product that is friendly to the environment.
If you have been putting off buying a new insulated garage door, now is the time to take advantage of this fantastic tax credit. Who knew going green would pay off so handsomely?
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