CPAs Say Save Some Green while Saving the Planet
by Steve Cypher on Thursday, April 23rd, 2009The Illinois CPA Society says that people can go green and save some green with money saving Earth Day tips.
Save the planet while saving money on your 2009 taxes
Here at Auto Credit Express, we realize that yesterday was Earth Day. But with all the good information flooding the newswires, we thought that we would stretch the celebration by just one more day – especially when the news comes from the good folks at the Illinois CPA society.
Although these suggestions don’t have anything directly to do with financing a car, they could enable you to save some much-needed cash that can be put towards your next dream car (which, by the way, the society recommends is a hybrid). And while one of their recommendations is directed at Illinois residents (they do, after all, do business there), many more states have similar solar energy rebate programs. All you have to do is check with your state’s treasury or revenue department to find out what is covered and how much of a tax break or incentive you’ll receive.
Here, then, is the press release:
CHICAGO, April 21 / – Going green is not only friendly to the environment, it can be friendly to your wallet. The recently passed American Economic Recovery & Reinvestment Act offers many eco-friendly tax breaks for 2009 as part of the stimulus package. This Earth Day, keep these ideas in mind so you can act now and save later:
1. Catch some rays. The State of Illinois and the Renewable Energy Resources Program (RERP) are offering up to 30 percent rebates up to $10,000 on solar energy systems installed after January 1, 2008.
2. Ditch the gas. Buy a hybrid and get a net tax break between $250 and $3,400 based on the weight of the vehicle and the amount of gas saved. Mass transit users can also use pre-tax dollars in an amount up to $230, increased from $120, to purchase tickets and passes.
3. Be energy-efficient. Install energy-efficient windows, insulation, roofs, doors, air conditioners and central heating units and you may be eligible for a tax credit up to $1,500. Larger purchases, such as solar heaters and geothermal pumps, qualify for a credit of 30 percent.
4. Buy green. First-time homebuyers qualify for a credit of $8,000, as well as any tax breaks on green materials that they add to the home.
Be sure to document all purchases of green materials with receipts and maintenance records in order to get the full credit amounts. Many of these credits are only on the books for 2009 and 2010, but look for them to be renewed in the future. Speak with a CPA to verify the credit amounts for this coming tax season and clarify any of the purchase requirements.
About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fifth largest state CPA society in the nation, with approximately 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
Source: Illinois CPA Society
The Bottom Line
Again, we would like to thank the Illinois CPA Society for their sound advice – especially as it relates to keeping money in our pockets while making our Earth a better place in which to live.
