Crystal Lake, IL. Homeowners who decide to upgrade the insulation in their homes in 2018 are entitled to a Federal Tax Credit. The Feds have begun offering up to a $500 Tax Credit for home improvements that meet, or exceed the requirements as set forth in the Bipartisan Budget Act, enacted on February 9, of 2018.
Brett Jackson of Jackson Insulation and Exteriors said that the company is working to ensure that “every homeowner in the Northern Illinois region understands what this tax credit means for them if they have recently upgraded their homes, or plan to do so in the near future”.
According to company owner, Cliff Jackson, “many people are not clear about what types of home improvements will qualify under the new law”.
Mr. Jackson goes on to say, “When it comes to saving money, we feel responsible for letting our customers know exactly what we know about available Tax Credits. This way homeowners get the maximum benefit of any tax breaks they are entitled to for performing improvements on their personal property.”
One change that the Feds have made is raising the R rating requirement for attic insulation from R49 to R60. The changes are retroactive, meaning that even if you made upgrades to your home’s insulation, doors, or windows (to name a few) in 2017, you are still eligible for a tax credit on those improvements.
All you need to do to take advantage of this extension is fill out IRS Form 5695: Residential Energy Credits. You will need to have saved all of the receipts for work done and remember that the cost of installation cannot be included.
Thinking of Adding Insulation to Your Attic This Year?
According to Energy Star, America’s government-backed energy efficiency watchdogs, insulation products, including batt, blow-in fiber, rigid board, expanding spray, and rolls, all qualify for a home improvement tax credit of as much as 10% of the cost up to a $500-lifetime benefit.
Even products that help to reduce drafts and heat/cool air loss such as weather stripping and caulking may qualify. Check for a Manufacturers Certification Statement to ensure the product complies with the law.
For over 36 years Jackson Insulation and Exteriors has always been committed to providing the most professional insulation installation service in Illinois, but they haven’t stopped there.
As a family owned and operated business, the Jacksons are going the extra mile to ensure their clients fully understand what product is right for them and what refunds or tax credits are available to them. Their mission is to make sure their customers are fully educated in order to make the best economic decisions when it comes to home improvements and upgrades as it applies to tax deductions and credits.
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