With a tough economic landscape, businesses are searching for ways to save money. In a proactive effort to provide support and protect Mother Earth, the government has adopted numerous rewards for taxpayers who go green. Changing the way for heat your business or the cars your employees drive, can save you tons of green in tax credits. Here are the four ways any business can adjust their lifestyles and acquire more cash.
Seal it Up
Who knew upgrading your worn windows and doors could be so lucrative; but it is! The government provides up to $500 for installing energy-efficient windows, insulation, roofs, doors, air conditioners and central-heating units. Especially if you were in the market for an upgrade this can prove to be an easy transition into an earthly life style.
Stay Trendy
Everyone has to have it. The designs are futuristic, cost effective and save you tons in tax credits. Our fantastic fantasy product is the hybrid. Buying a hybrid that works on alternative fuels like bio diesels can not only be more fruitful at the pumps, but also qualify for more tax breaks. I caution you to just do your research. The hybrid credit has been so popular that certain vehicles no longer qualify. Toyota and Lexus have sold so many hybrids that their cars are no longer eligible for tax breaks. There is still hope for Ford Escape SUV owners who could get up to $3,000; also Honda Civic ownership garners $2,100.
Build it and it will come; the green that is
In the $700 million dollar federal bailout plan several items were added to seal the deal. The most relevant for business orders is building conversions. The energy efficient commercial building conversion tax deduction, allows building owners to claim as much as $1.80 per square foot for buildings that achieve a 50 percent energy savings target. According to the plan, a building owner may claim a tax deduction for expenditures made as part of a building designed to reduce the total annual energy used in the operation of the building. Energy efficient upgrades like interior lighting systems, heating, cooling and hot water systems, and building envelope systems all qualify. These deductions are available until December 31, 2013 so plan ahead.
Solar-powering up Floridas Job Market
The bailout also included a provision for Floridas ailing job market in the form of 32,000 new solar energy jobs by 2016, according to the Chicago-based research firm Navigant Consulting. The bill extends for eight years with a tax credit of 30 percent for the purchase and installation of solar technology. Colleen Kettles, executive director of the Florida Solar Energy Research and Education Foundation, new businesses were waiting on this relief to continue many construction projects. She says, “We’ve had a lot of companies in a holding pattern, wondering if the credits were going to be approved or not.” This couldnt come at a better time with most of Floridas state programs fully extended. The credit can be claimed on improvements like solar water heaters, solar pool heaters and solar electric systems. Not only can this prove to be a huge saving come tax time, but its a great business opportunity with the installation business increasing two-fold in one year according to Kettles.
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