- Solar Tax Credits – Before You Take the Leap
- When you see those TV ads for home solar power, you may get the impression that Uncle Sam is going to pick up 30% of your cost and you only have to come up with the other 70%. That is not necessarily the whole picture. True, the federal government has a 30% tax credit for the cost of a qualified solar installation (some states also have solar credits or other incentives). However, the federal credit is non-refundable and can only be used to offset your current tax liability, and any excess carries over to future years as long as the credit still applies in future years. Currently, the credit is allowed through 2021. What this means: You may not get all the credit in the first year as you might have been led to believe or assumed based upon the TV ads.
- Surviving Spouse Estate Tax Exclusion
- The estate tax is a tax on the transfer of property after an individual's death. It consists of an account of everything the decedent owned or had interest in on the date of death. This includes cash and securities, real estate, insurance, trusts, annuities, business interests, and other assets. The tax is based on the fair market value of these assets (less certain exclusions), generally as of the day the decedent died.
- Roth IRA Aging Requirement
- You probably know that a Roth IRA can provide tax-free retirement income, but did you know the account must be “aged” before its earnings can be withdrawn tax-free?
- Claimed Premium Tax Credit Last Year? Odds of IRS Correspondence Increased
- Everyone hates to get letters from the IRS, and if you claimed the Premium Tax Credit (PTC) on your tax return or obtained your insurance through one of the federal or state insurance Marketplaces and had your premiums subsidized with the Advance Premium Tax Credit (APTC), your odds of receiving correspondence from the IRS will increase substantially. This is due to the complexity of the Affordable Care Act (ACA) and its maze of tax reporting requirements to ensure taxpayers correctly comply with the ACA's many provisions.
- Employers, Don't Miss the Work Opportunity Tax Credit
- Through 2019, employers who hire individuals from targeted groups are qualified to claim the work opportunity tax credit (WOTC). The credit is elective, and if claimed it reduces the employer's wage deduction dollar for dollar.
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