6 Things To Keep In Mind About The 2023 Insulation Tax Credit
You might already know that high-quality insulation can save you money on your monthly energy bills, but did you know that there are other ways to get a return on your investment? Learning about the insulation tax credit and how it works can grant you even more savings with minimal effort. The professionals at Foam Bear Tampa are here to teach you all about the insulation tax credit and things you should keep in mind when claiming your well-deserved discount!
What Is Insulation Tax Credit, And What Does It Mean For Me?
The topic of energy efficiency grows more serious by the year, and not just because people are looking to save money in response to rising inflation. The quality of our earth is at stake, and now the government is offering incentives for citizens to play their part. One of the greatest motivators is the insulation tax credit which offers a return on new insulation installation. This tax credit is available to anyone willing to reduce their home’s energy consumption.
With enough people taking advantage of this incentive, we may actually see improvements in our planet’s ecosystem! Before you get started, here are a few things to keep in mind:
1. Get A Load Of The New Tax Increase!
The insulation tax credit is fairly new, but the federal government is kicking things up a notch by increasing the amount you can claim from 10% to a whopping 30% of your insulation costs! This makes now the perfect time to redo your home’s insulation on a budget.
2. Don’t Forget To File Before The Deadline
With the recent increase, you definitely don’t want to miss out on the insulation tax credit. Nothing would be worse than going through with installing new insulation just to not qualify because you didn’t file by the deadline. Make sure you stay on top of your taxes so you can reap the benefits!
3. Make Sure You’re Signing The Right Forms
This might go without saying, but you need to sign the correct forms in order to receive the insulation tax credit. You’d be surprised at how this step can be overlooked if your tax person is inexperienced (or rusty) or if you attempt to do your taxes yourself.
4. Be Aware Of The Insulation Tax Credit Limit
The insulation tax credit may have increased to 30%, but there’s still a cap on how much you can claim in case you happen to have an incredibly high bill from your insulation company. Before you have a chance to get disappointed over not receiving as much as you thought you would, you’ll want to double-check the limit on how much you can claim.
5. Keep All Documentation Regarding Insulation Purchases And Installation
Just like how you would keep a record of every maintenance or repair on a new car, you’ll want to hand on to anything having to do with your new insulation purchase and installation. When filing your taxes, you may be asked to provide an exact amount or the name of the company you hired to upgrade your insulation.
6. The Best Type Of Insulation For Maximum Benefits
Spray foam insulation by far has the highest R-value for home insulation which means that it’s guaranteed to bring down your energy usage compared to other materials. The way it expands to close up gaps also plays a huge factor. You can learn even more about the benefits of spray foam when compared to different types of home insulation.
Get Your New Insulation From Foam Bear Tampa!
Get the most out of your insulation tax credit by hiring Foam Bear Tampa for high-quality spray foam products and expert installation! We even offer flexible financing options for a payment plan that fits your budget. Call (727) 580-1090 to get started with a free estimate.