May 15, 2012

Want to save on energy costs?

A recent report from the Environment Virginia Research & Policy Center had some enticing news for homeowners. They prognosticate that the average Virginia family could cut their annual electricity bill by about $500 by 2030--if they take sufficient energy efficiency measures.

One biggie is replacing old low-efficiency appliances with ENERGY STAR ones. You can deduct some of the sales tax. For example, if a consumer purchases an ENERGY STAR qualified refrigerator for $1,000 and pays the 5% VA sales tax, the tax on this purchase will be $50.00. 20% of that sales tax paid is $10.00. This is the amount you can claim as your VA income tax deduction.

Click on the link above for more ways.