Magnum Heat 

For those of you that are getting chilly wondering if all of the Energy Tax Credit money is used up you will get a warm feeling to know that you are still in luck for a few months. The Energy Tax credit for energy efficient Biomass appliances was extended from 2009 to the end of the 2010 tax year. Now certainly is the time to select your MagnuM or Country Flame product that will suit your needs and put money BACK into your pocket. Right now, go to the Energy Tax Credit section on MagnumHeat.com, and that will lead you to all of the products that qualify for this great opportunity.

But you ask, how does it work and can I be assured of getting the right unit. First let’s go over just how the program works. Remember though, all of the energy saving appliances or work done to your home falls under this tax credit so you might have earned your full $1500.00 already. Check with your tax preparer to be sure. The tax credit, which can lower your tax bill on a dollar for dollar basis, applies to stoves or fireplace inserts purchased between January 1, 2009 and December 31, 2010 that 1. Burn a biomass fuel source like wood or renewable corn or wood pellets, 2. Will be installed in an existing principal residence, not a newly constructed house or vacation home and 3. Meet the minimum 75% efficiency rating as certified by the manufacturer.

You will file IRS form 5695 with your tax return at the end of the 2010 tax year. It is important to save all of your receipts for verification as the unit, installation, venting, floor pad and anything that is required by the manufacturer for proper and safe operation of the appliance qualifies. A great source for finding out more information on just how the Energy Tax Credit works would be www.hpba.org/taxcredit . You can also go to your IRS tax site to find the same information.

Please keep in mind that many local, state and other federal programs also have energy credits and other programs to assist you in purchasing energy efficient appliances. Check with your local chamber of commerce, state and federal websites periodically for updates. For a quick reference to incentives go to www.dsireusa.org for federal, state and local tax credits.