Having window tints installed on your home or car windows can be a massive help if you are trying to save money. The primary purpose of window tints is to reduce the heat that is brought by the sun. In this way, you would not need to use as much power for your air-conditioning unit.
Window tints can help reduce gasoline and electric consumption. However, it might be quite shocking for others that having window tints installed can get you a tax credit. Here is the reason why you can get a tax credit from having window tints.
But first, what is a Tax Credit?
A tax credit is the amount of money that a taxpayer can reduce from the taxes that they owe. Unlike tax deductions, tax credits reduce tax dues, and not an amount of taxable income. Tax credits can either be nonrefundable, refundable, and partially refundable.
The government can give you tax credits if they see you promote a specific behavior like using energy-efficient appliances to replace old ones or help disadvantaged taxpayers by reducing the total cost of housing.
Can you get a Tax Credit from Tinting your Windows?
Yes, that is right. One benefit of installing window tints is acquiring the right to have a tax credit. The Energy Act of 2005 is a law that enabled millions of homeowners to have federal tax credits after making improvements that can reduce energy consumption.
In 2007, there had been an amendment to the law, and installing window tints had been added to the beneficiaries of tax credits. However, there are a few terms and conditions that people should know.
For instance, the maximum tax credit that can be granted on window film will be an amount of $500, and this will not be allowed to be applied to the cost of installation – only materials installed qualify. Also, tax credits are only used to existing properties and not on newly-constructed or rental ones.
Is documentation required?
Yes, before you earn your tax credit, you need to have the right documentation at the time of filing your tax returns. A filled IRS Form 5695 with the property owner’s tax return, copies of window film supplier’s invoice, and a copy of the manufacturer’s certification information are all needed in reimbursing tax credits.
How much could I have in Total?
You can have as much as $500 worth of tax credits and a reduction of as much as 85% in your energy consumption, especially in summer months are which you can expect as a monetary benefit. Unlike other energy-saving products which take five years before payback, window tints only take two years to say that your investment is worth it.
If you want to get your tax credit, you need a legitimate window tinting company because the government mandates having a copy of the manufacturer’s certification information. If that is the case, then you need to go nowhere else but at Global Tint USA.
If you ever need a window tinting company that has all the legal documents completed, the best service, and the highest quality on their window tints, we at Global Tint are more than happy to help you in making sure that you get your windows tinted spectacularly.
If you are interested, you can get a free quotation at www.globaltintusa.com.