2011 Green Tax Savings

Being green can still save some green

Non-business energy credits are still available with a few changes. For 2011, the credit amounts have been reduced, allowing you to claim 10% of cost, with certain restrictions, for things like new energy-efficient windows, furnaces, etc., up to a lifetime maximum of $500. For more information, check the EnergyStar website.

Have an alternative power sourced vehicle? The credit for hybrid vehicles expired December 31, 2010. But you can still get credit for plug-in electric vehicles and conversion kits.

HELPFUL HINTS

• If you use your car for business purposes, you may be able to deduct the business portion of your car insurance, mileage expenses, and more.
• It’s a good time to think about cleaning out closets and cabinets and donating those items that are in good condition that you no longer use. You can claim a deduction for those donations.
• Get additional tax tips regarding donations to charity on the H&R Block website
• Talking to your tax professional can help you understand the deductions for your specific situation.

Source: hrblock.com