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Re-activate The federal tax credits offered to homeowners who take steps to make their primary residence more energy-efficient are expiring at the end of the year—50 days from today. You could save 30 percent off the cost of the project—up to $1,500—on duct sealing, heating and cooling equipment, insulation, roofing, windows and other energy saving home improvements. Projects must be completed by the deadline to qualify
To collect, file IRS form 5695 with your 2010 taxes. Keep a copy of the manufacturer's certification statement and all your receipts. If you hired a contractor to do the work, be sure to get an itemized bill that separates material costs from labor costs. That's because installation costs can't be included for some projects. And if you did the work last year and didn't take advantage of the credit, you can file an amended return this year.
It's getting late so you may no longer have time to complete projects that require custom attention. And remember not all energy-saving projects are equal; costs and payback times vary. Consider doing an energy audit yourself or hiring a pro to help you set priorities.
—Celia Kuperszmid Lehrman
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