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We’ve all heard the term “going green” these days as being environmentally-friendly has become a major goal at home, in business, and in industry. And while there are plenty of good reasons to protect the planet and save energy that affect our quality of life, let’s not forget one simple fact—going green can save you money.

Whether its buying a more fuel efficient vehicle to save money on gas in the short run to cutting down on refuse through recycling and lowering your town’s landfill costs (and hopefully municipal taxes), there is usually a strong economic reason to be environmentally-friendly.

And that includes your income taxes. The federal government supports many industrial and commercial environmental programs, but individuals can also benefit from federal tax breaks. That can include everything from installing solar panels at your home to buying an electric car.

If you made a move to be “green” in 2015, the following tax programs may save you a little green. And even if you didn’t, they are great incentives for 2016.

Many of these programs offer a win on several levels by helping the environment, saving you on energy costs and saving on your taxes. This may be the best time ever to go “green.”

Here’s a look at “green” tax breaks as compiled by the IRS:

Residential Energy Efficient Property Credit

This tax credit helps taxpayers to purchase alternative energy equipment, like solar hot water heaters and wind turbines, as long as it is being installed at their home in the United States. The credit runs through the year 2016 and is 30 percent of the cost of qualified property.

You can even get tax credits on items like new roofing, windows and doors, insulation and air sealing, and conventional HVAC systems.

Electric Vehicles

While hybrid cars no longer quality for tax credits, a new all-electric vehicle does. To see if your car qualifies, the Department of Energy’s Fuel Economy website offers information on eligibility and more.

Donations

Donating used electronics is not only becoming popular, but also easy to do. Just like an old pair of jeans or a gently used toy, donated electronics are tax deductible if given to a qualified non-profit.

Energy Star

Interested in buying any new appliances, TVs, or computers? Look for the Energy Star Seal. This seal means that the product will help you to save energy during its use. And some of those products may qualify for a tax credit. For more information on the Energy Star program, visit their website.

Do you live in Millville and have questions about your personal income taxes? Call us at 856.794.8400.