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Tax credits for home improvements

We know you are probably busy with last minute holiday shopping and festivities, but you are running out of time to benefit from some home improvement projects. Angie's List reminds you that federal tax credits for home improvements expire at the end of the year.

The clock is ticking down to earn a tax credit for making your home more energy efficient. Two weeks from now on December 31st, federal tax credits expire.

"We're hearing consumers are taking advantage of the tax credits by installing new windows and installing new doors, insulation, even heating and cooling," says Angie Hicks of Angie's List. "In a recent Angie's List poll, 40 percent of the respondents had taken advantage of these credits."

You could also earn a tax credit for replacing your roof, and upgrading your water heater.

Hicks says, "consumers need to be in the driver's seat when they are shopping because not every product is going to qualify for the tax credit. Don't rely solely on the company doing the installation, also check with your tax consultant."

Also be aware that the entire cost of upgrading or replacing an appliance or fixture is "not" deductible.

For instance, while you can claim a credit for insulation, that credit does not include the cost of having someone install the material. The tax credit is 10% of the cost of qualifying energy-efficient home improvements.

To find out more about federal tax credits for home improvements, check out the web site, www.energystar.com.

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