Home Improvement deductions and credits

Liberty Tax Press Release

Homeowners May Take Advantage of Energy Credits for Some Home Improvements, According to Liberty Tax Service

Fountain, CO Residential energy tax credits are back as a provision of the economic stimulus package passed earlier this year. Some home improvements made in 2009 and 2010 to increase the energy efficiency of your home may have a silver lining at tax time. Liberty Tax Service reminds homeowners that adding insulation, energy-efficient exterior windows, and energy-efficient heating and cooling systems may qualify for a tax break. These improvements may qualify for a credit of 30% of their costs up to $1,500. Residential energy credits apply to homes, houseboats, mobile homes, condominium, and qualifying manufactured homes in which you live, and include the costs of certain items and the labor costs.

“All devices must meet the new energy efficient requirements,” said Susan, Marketing Manager of Liberty Tax Service . “To document these home improvements, homeowners should save all receipts, the Manufacturer’s Certification Statement, and Energy Star labels for exterior windows and skylights. They should continue to follow any revisions for standards from the IRS.”

There will no longer be a cap on the 30% tax credit for solar water heaters, geothermal heat pumps and other alternative energy equipment installed in a home in 2009.

About Liberty Tax Service

Liberty Tax Service (www.libertytax.com) is the fastest growing retail tax preparation company in the industry’s history, with over 3,200 offices in the United States and Canada . The company plans to open up to 500 new offices in January 2010. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 7,000,000 individual income tax returns. With 41 years of tax industry experience , Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service (NYSE:JTX).

Liberty Tax Service (www.libertytax.com) provides computerized income tax preparation, electronic filing, refund loans, and online filing through eSmart Tax at www.esmarttax.com. Each office offers customers audit assistance, a money back guarantee, and free tax return checking. The Liberty Tax Service franchise opportunity has climbed to #3 on the latest Entrepreneur “Franchise 500.”