Supply, NC -- (SBWIRE) -- 04/18/2016 -- A federal tax credit for people installing energy efficient heating and cooling systems and water heaters has been extended through the end of the year. The tax credit is retroactive to 2015.
"If you have a high-efficiency heating, air conditioning and ventilation (HVAC) system or a water heater installed last year, you may qualify for a break on your federal income taxes," said Justin Fulford, marketing manager at Fulford Heating and Cooling. "If you are planning to have this kind of work done this year, you need to keep all your receipts to get the break when you file your taxes next year.
Congress let the tax credit expire in 2014, but renewed it later with the retroactive parts.
The maximum tax credit is $500. If you claimed the credit in 2011 or years before that, you can't claim the credit now.
"The tax break covers systems that last for 15 to 20 years or longer. If you put in a new system, but did not claim the credit, you should talk to whoever does your taxes to see if you can claim it now," Mr. Fulford said. "The contractor who installed your system should be able to help you fill out the paperwork as well."
The tax credit covers: high-efficiency water heaters, furnaces, boilers, heat pumps, central air conditioners, building insulation, windows, roofs, biomass stoves and circulating fans used in qualifying gas furnaces.
The credit also covers "labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home," according to the Air-Conditioning, Heating, and Refrigeration Institute.
As of right now, the credit will expire Dec. 31, 2016. No one knows if Congress will reauthorize the credit or grant another extension.
"If you need work done, but have been putting it off, don't wait much longer. Every little bit helps when you are trying to reduce your tax burden," he said. "This credit can be added to other deductions you make for this and other related work."
To claim the tax credit, download IRS Form 5695, available online here https://www.irs.gov/pub/irs-pdf/f5695.pdf
In addition, some North Carolina utility companies are offering incentives for installing energy efficient appliances like water heaters and HVAC units.
"We'll be glad to tell you if your utility company has any incentives. Some utility companies offer low-interest loans for high-efficiency appliances," Mr. Fulford said.
For more information about the tax credit, please call Fulford Heating and Cooling at 910-842-6589.
About Fulford Heating & Cooling
Established in 1974. Fulford Heating & Cooling is a third generation family owned business servicing Brunswick, New Hanover, and Pender counties. Fulford HVAC has been voted Brunswick County #1 HVAC company and best A/C repairs company in the Cape Fear region. The techs are NATE certified and work with journeyman cards.
About Justin Fulford, Marketing Manager
Justin Fulford has worked with Fulford Heating & Cooling most of his life. He started out going on service calls with his Dad, Al Fulford and slowly moved up to an installer. Justin currently does most of the estimating, outside sales, and marketing. Justin holds an H-3 class1 & H-2 North Carolina state licenses. He is very excited with the future of our family owned company.
Media Contact:
Fulford Heating & Cooling
Justin Fulford, Marketing Manager
Address: 3461 Holden Beach Rd SW
Supply, North Carolina 28462
Contact Number: 910-842-6589
Email: HVAC@fulfordhvac.com
Url: http://www.fulfordhvac.com/