April 15th Reminder: You May be Eligible for a $1,200 Federal Tax Credit
Energy efficient window shades and treatments can improve your home’s décor, improve the thermal efficiency of your home and reduce energy costs by 25 percent or more.
But your savings may extend well beyond lower utility bills. If you have installed energy efficient window treatments in the past year you may be eligible to receive a tax credit that can cover up to 30 percent of the price of those treatments.
Tax Credit Details
The federal government’s tax credits – Energy Efficient Home Improvement Credits, under the Inflation Reduction Act of 2022 – for energy efficient window coverings are new for 2023. These credits:
- Apply to 30 percent of the purchase price and sales tax for energy efficient window treatments, up to a total of $1,200 per year
- Do not cover measuring or installation costs
- Apply to a range of window coverings. Hunter Douglas’s Duette® Honeycomb Shades are a primary example of the eligible products
- Can be applied to purchases of eligible window coverings purchased by Dec. 31, 2023 and applied to federal taxes reported by the 2024 filing deadline
- Are only applicable to homes used as a residence by the taxpayer. The credits are not applicable to rental properties, though renters who install these coverings are eligible for the credit
It’s important to understand the difference between these tax credits and a tax deduction. A tax deduction reduces a taxpayer’s taxable income. For example, a taxpayer who earns $50,000 and receives a $1,000 tax deduction would have taxable income of $49,000 after the deduction. However, a tax credit is applied directly to taxes to be paid to the government. For example, a taxpayer who owes the federal government $15,000 in taxes and earns a $1,200 tax credit would see her/his tax bill decreased by that $1,200, to $13,800.
Get to Work on Your Tax Credit Today
The April 15th tax filing deadline is just weeks away, so if you have installed eligible energy efficient shades or other window treatments, you’ll want to claim your credit in your tax return.
If you need documentation of your purchase, we have your purchase on file and can easily and quickly reproduce necessary receipts for you.
Remember, not all window coverings are eligible for this tax credit. Be certain to consult with our experts and determine which products are in fact eligible.
Visit our new showroom – located at 11477 Page Service Drive, St. Louis, MO 63146 – to shop for energy efficient window treatments and consult with our team regarding which products best meet your needs and are eligible for tax credits. You’ll find we have a tremendous selection of blinds, shades, outdoor solar shades, motorized, smart home compatible window treatments, and products from Hunter Douglas and other select manufacturers.
Victor Shade Company has been providing exceptional service to customers for 115 years. We’re here to show you your options, help you choose the right window treatments, and install high-quality products for you perfectly, every time. Visit our showroom or contact us today for a complimentary consultation!