GOVERNMENT, LOCAL GOVERNMENT REBATES AND TAX INCENTIVES CAN REDUCE THE COST OF A NEW SOLAR SYSTEM UP TO 100%..
* PERSONAL SOLAR TAX CREDIT OF 30% FOR RESIDENTIAL AND COMMERCIAL BUILDING OWNERS.
* COMMERCIAL BLDG OWNERS>> 30% TAX CREDIT + 30% MACRS DEPRECIATION CREDITS, TOTALLING 60% OF TOTAL SYSTEM COST! Greatly increases ROI for any commercial building owner! Rent building faster, raise the rent to include power. (once system is pd off, no more power bill, creates added income for the building owner)
* LOCAL GOVERNMENT INCENTIVES AND REBATES
NOT EVERYONE QUALIFIES FOR TAX CREDITS... BEWARE OF COMPANIES USING THE 30% SOLAR TAX CREDIT PITCH!
WARNING: MANY COMPANIES ADVERTISE AND PUSH THE SOLAR TAX CREDIT AS IF IT WERE A GIVEN OR A TAX WRITE-OFF.. DECEPTIVE SALES TACTICS IS WHAT WE CALL IT.. TAX WRITE-OFF AND TAX CREDIT ARE UTILIZED 2 COMPLETELY DIFFERENT WAYS. TAX CREDIT IS WHEN YOUR EARNINGS CAUSE YOU TO OWE MONEY TO THE IRS AT END OF YEAR, TAX WRITE-OFF IS WHEN YOU DON'T HAVE END OF YEAR TAX LIABILITY AND YOU RECEIVE A REFUND FROM IRS.
YOU DON'T HAVE TAXABLE INCOME YOU SAY? ( IN OTHER WORDS, YOU NORMALLY RECEIVE A REFUND RATHER THAN PAY TAXES WHEN FILING?) LEGAL LOOPHOLE THAT CAN BE A HUGE HELP IN ASSISTING HOME AND COMMERCIAL BLDG OWNERS REDUCE THEIR COST OF CONVERTING TO SOLAR:
YOU CAN LEGALLY CREATE TAXABLE INCOME>>>READ THIS INTERESTING ARTICLE EXPLAINING HOW YOU CAN LEGALLY ACHIEVE THIS, KEEP MORE OF YOUR ANNUAL INCOME AND UTILIZE THE FEDERAL 30% TAX CREDIT TO OFFSET ANY MONEYS OWED TO THE IRS DURING TAX SEASON.
Boost take-home pay by claiming more allowances on Form W-4 Why you say? You can keep more money this year by claiming more allowances, save that money thoughout the yr, reinvest it in your home as your 30% renewable energy tax credit..
Click link to find out how: http://articles.latimes.com/2013/mar/31/business/la-fi-lew-20130331
WE'VE ALL SEEN THE TV COMMERCIALS SUGGESTING, EVERYONE CAN KEEP THE FEDERAL TAX CREDIT WHEN PURCHASING A SOLAR SYSTEM.. YOU DO QUALIFY AND YOU CAN, IF YOU OWE TAXES AT THE END OF THE YEAR. IF YOU USUALLY RECEIVE A RETURN, THE FEDERAL TAX CREDIT INCENTIVE CANNOT BE APPLIED...(WE WON'T NAME ANY NAMES)
**** AS LONG AS YOU ARE PURCHASING YOUR SOLAR SYSTEM AND NOT LEASING, YOU QUALIFY TO RECEIVE THE FEDERAL TAX CREDIT. (EVEN IF YOU PURCHASE THROUGH ONE OF OUR ZERO DOWN, GREEN FINANCE OPTIONS, YOU STILL QUALIFY)
What’s a Tax Credit?
A tax credit is not a tax deduction. With a tax deduction, you deduct some amount off your gross income to determine your taxable base income. A tax credit is much better. It can be used to pay off your owed federal taxes. So, it’s sort of like receiving an IRS gift card.
Who is Eligible to Receive the 30% renewable energy tax credit?
Not everyone, as some sales people and deceptive commercials and companies may lead you to think.
How Do You Calculate the 30% Solar tax credit?
Solar tax credits are calculated dollar for dollar unlike tax write-offs. (30% of gross cost of a solar system, dollar for dollar amount, is considered and can be utilized as a tax credit)
Calculating the 30% tax credit differs for homeowners and commercial businesses. Homeowners calculate the 30% on the net installed cost; i.e., after you’ve deducted the value of any state or utility rebates.For example, say the total cost for your solar installation was $15,000 and you received a utility or state rebate of $3,000, your total upfront expense is now $12,000. Consequently, to calculate the 30% ITC:
30% x $12,000 = $3600 tax credit that you can use to pay your taxes to the IRS, which means your true cost for solar now becomes $9500.00. (deducted state rebate and 30% tax credit from total cost of system, including installation)
For commercial businesses, the rebate is calculated on the gross installed cost of the solar system; i.e., before deducting for any local or utility rebates. So, using the same example:
30% x $15,000 = $4,500 tax credit that your business can use toward Federal businesses income taxes.
You might think that businesses get a higher ITC formula. However, the IRS considers the $3000 utility rebate as earned income, and therefore the business has to pay tax on that $3000. For residential homeowners, the IRS considers the $3000 as a “reduction in value,” sort of like a sale discount, and therefore it is not taxable.
Is the Value of the 30% tax credit a tax refund? NO!!! It is a tax credit, that can only be applied if and when you owe taxes, end of yr. ******
What if you’re eligible to receive the tax credit, but what if YOU DON'T OWE ANY TAXES AT THE END OF THIS YEAR?
Will the IRS send you a refund check for $3000, using the above example? NO! Unfortunately, the 30% tax credit is not a tax refund, however, you can use its value for up to 5 years after installing your solar system, so you’ll be able to use it partially or fully for the following year’s tax bill, or for subsequent years, only if you ever end up owning taxes to the IRS in those subsequent years.
* PERSONAL SOLAR TAX CREDIT OF 30% FOR RESIDENTIAL AND COMMERCIAL BUILDING OWNERS.
* COMMERCIAL BLDG OWNERS>> 30% TAX CREDIT + 30% MACRS DEPRECIATION CREDITS, TOTALLING 60% OF TOTAL SYSTEM COST! Greatly increases ROI for any commercial building owner! Rent building faster, raise the rent to include power. (once system is pd off, no more power bill, creates added income for the building owner)
* LOCAL GOVERNMENT INCENTIVES AND REBATES
NOT EVERYONE QUALIFIES FOR TAX CREDITS... BEWARE OF COMPANIES USING THE 30% SOLAR TAX CREDIT PITCH!
WARNING: MANY COMPANIES ADVERTISE AND PUSH THE SOLAR TAX CREDIT AS IF IT WERE A GIVEN OR A TAX WRITE-OFF.. DECEPTIVE SALES TACTICS IS WHAT WE CALL IT.. TAX WRITE-OFF AND TAX CREDIT ARE UTILIZED 2 COMPLETELY DIFFERENT WAYS. TAX CREDIT IS WHEN YOUR EARNINGS CAUSE YOU TO OWE MONEY TO THE IRS AT END OF YEAR, TAX WRITE-OFF IS WHEN YOU DON'T HAVE END OF YEAR TAX LIABILITY AND YOU RECEIVE A REFUND FROM IRS.
YOU DON'T HAVE TAXABLE INCOME YOU SAY? ( IN OTHER WORDS, YOU NORMALLY RECEIVE A REFUND RATHER THAN PAY TAXES WHEN FILING?) LEGAL LOOPHOLE THAT CAN BE A HUGE HELP IN ASSISTING HOME AND COMMERCIAL BLDG OWNERS REDUCE THEIR COST OF CONVERTING TO SOLAR:
YOU CAN LEGALLY CREATE TAXABLE INCOME>>>READ THIS INTERESTING ARTICLE EXPLAINING HOW YOU CAN LEGALLY ACHIEVE THIS, KEEP MORE OF YOUR ANNUAL INCOME AND UTILIZE THE FEDERAL 30% TAX CREDIT TO OFFSET ANY MONEYS OWED TO THE IRS DURING TAX SEASON.
Boost take-home pay by claiming more allowances on Form W-4 Why you say? You can keep more money this year by claiming more allowances, save that money thoughout the yr, reinvest it in your home as your 30% renewable energy tax credit..
Click link to find out how: http://articles.latimes.com/2013/mar/31/business/la-fi-lew-20130331
WE'VE ALL SEEN THE TV COMMERCIALS SUGGESTING, EVERYONE CAN KEEP THE FEDERAL TAX CREDIT WHEN PURCHASING A SOLAR SYSTEM.. YOU DO QUALIFY AND YOU CAN, IF YOU OWE TAXES AT THE END OF THE YEAR. IF YOU USUALLY RECEIVE A RETURN, THE FEDERAL TAX CREDIT INCENTIVE CANNOT BE APPLIED...(WE WON'T NAME ANY NAMES)
**** AS LONG AS YOU ARE PURCHASING YOUR SOLAR SYSTEM AND NOT LEASING, YOU QUALIFY TO RECEIVE THE FEDERAL TAX CREDIT. (EVEN IF YOU PURCHASE THROUGH ONE OF OUR ZERO DOWN, GREEN FINANCE OPTIONS, YOU STILL QUALIFY)
What’s a Tax Credit?
A tax credit is not a tax deduction. With a tax deduction, you deduct some amount off your gross income to determine your taxable base income. A tax credit is much better. It can be used to pay off your owed federal taxes. So, it’s sort of like receiving an IRS gift card.
Who is Eligible to Receive the 30% renewable energy tax credit?
Not everyone, as some sales people and deceptive commercials and companies may lead you to think.
How Do You Calculate the 30% Solar tax credit?
Solar tax credits are calculated dollar for dollar unlike tax write-offs. (30% of gross cost of a solar system, dollar for dollar amount, is considered and can be utilized as a tax credit)
Calculating the 30% tax credit differs for homeowners and commercial businesses. Homeowners calculate the 30% on the net installed cost; i.e., after you’ve deducted the value of any state or utility rebates.For example, say the total cost for your solar installation was $15,000 and you received a utility or state rebate of $3,000, your total upfront expense is now $12,000. Consequently, to calculate the 30% ITC:
30% x $12,000 = $3600 tax credit that you can use to pay your taxes to the IRS, which means your true cost for solar now becomes $9500.00. (deducted state rebate and 30% tax credit from total cost of system, including installation)
For commercial businesses, the rebate is calculated on the gross installed cost of the solar system; i.e., before deducting for any local or utility rebates. So, using the same example:
30% x $15,000 = $4,500 tax credit that your business can use toward Federal businesses income taxes.
You might think that businesses get a higher ITC formula. However, the IRS considers the $3000 utility rebate as earned income, and therefore the business has to pay tax on that $3000. For residential homeowners, the IRS considers the $3000 as a “reduction in value,” sort of like a sale discount, and therefore it is not taxable.
Is the Value of the 30% tax credit a tax refund? NO!!! It is a tax credit, that can only be applied if and when you owe taxes, end of yr. ******
What if you’re eligible to receive the tax credit, but what if YOU DON'T OWE ANY TAXES AT THE END OF THIS YEAR?
Will the IRS send you a refund check for $3000, using the above example? NO! Unfortunately, the 30% tax credit is not a tax refund, however, you can use its value for up to 5 years after installing your solar system, so you’ll be able to use it partially or fully for the following year’s tax bill, or for subsequent years, only if you ever end up owning taxes to the IRS in those subsequent years.