Solar Tax Plan
There is so much more to solar tax benefits than the 30% ITC credit. Additional benefits can be more beneficial than the 30% credit itself. What if you could get back 40%, 50%, 60%, or even 70% of your investment in solar through tax benefits? You can! We are here to help you analyze your purchase decision, prepare tax forms, and even advise your own CPA on tax benefits you are entitled to. Our team of CPAs, Attorneys, Financial Advisors, and others ensure compliance throughout the process and provide protection in the case of IRS audits. Investing in solar is a no brainer! Let us show you why.
Example
Real Solar Tax Client Example
Taxable Income: $250,000
Total Tax Bill Before Solar Tax Planning: $48,020
Solar Purchase Price: $31,332
Solar ITC Tax Credit: $8,146
ADDITIONAL TAX INCENTIVES: $11,176
Total Tax Benefits: $19,322
62% Recovered In First Year!
See What You Can Save!
Are you considering solar or are a sales rep? Check out our Solar Tax Benefits Brochure.
Frequently Asked Questions
What is the current Investment Tax Credit Rate?
The Inflation Reduction Act has set the Investment Tax Credit for homeowners and businesses at 30% through the year 2032.
What if I file my own taxes?
No need to worry. As a resource to you, we will provide a walk-through video to help you insert your solar tax forms into Turbo Tax or other self-serve tax Software.
Do I have to use your firm to file our taxes?
We encourage you to continue working with your current tax professional and will help answer their questions as needed. In some cases, a tax professional is not familiar enough with the taxation of energy credits. If that is the case, our Attorneys and CPAs can help file your taxes with the necessary solar tax documents.
What does it mean the Investment Tax Credit is Nonrefundable?
A nonrefundable tax credit can only be used to decrease or eliminate a tax liability. A taxpayer will not receive a tax refund for any amount that exceeds the taxpayer’s tax liability for the year.
My income is not very high. Does that mean solar is not for me?
For many, there are funds tied up in retirement accounts that will be taxable when pulled out. We will help you determine the most advantageous way to access this money without putting you in a bind for tax purposes.
What if I cannot claim the full 30% tax credit since my income is not high enough to claim the full credit?
Any unused tax credit will be carried forward year after year until it is all used up.
What is required to claim the Investment Tax Credit?
Section 25D allows the credit for property considered a dwelling and used as a residence including second homes and vacation homes.
Will I get the Investment Tax Credit if I purchase Solar for my Rental Property or Business?
Yes, the 30% tax credit can be claimed for a rental property or business. Whether you receive the full amount of the credit depends on the circumstances.
Highlights
30% Solar ITC Credit
Additional Tax Incentives up to 40%
Make sense of the Solar Investment
Solar Tax Form Preparation
A CPA, Attorney, and Financial Advisor on Your Team
Asset Protection and Estate Planning
Have questions? Need help? Contact us
Feel free to reach out during our business hours for assistance with estate planning, tax law, financial services, or other legal matters.
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