[RE-wrenches] ITC

[Kristopher Schmid]

I just looked over my 1040 and indeed the credit is subtracted BEFORE the
self employment tax is added in.  At first blush, it appears to be the
case.  If you have enough 1099 income, the tax credit would apply to taxes
paid on that income...i think?

On Fri, Mar 27, 2015 at 10:25 AM, Dave <dave at independentpowerllc.com> wrote:

> Sounds like BS. Earned income is earned income. I am self employed and
> have taken the 30% ITC on solar for my own home.
>
>
>
> David Palumbo
>
> Independent Power LLC
>
> 462 Solar Way Drive
>
> Hyde Park, VT 05655
>
> 802-888-7194
>
>
>
>
>
>
>
> *From:* RE-wrenches [mailto:re-wrenches-bounces at lists.re-wrenches.org] *On
> Behalf Of *Kristopher Schmid
> *Sent:* Friday, March 27, 2015 11:15 AM
> *To:* RE-wrenches
> *Subject:* [RE-wrenches] ITC
>
>
>
> I have been told by a client who was told by his tax advisor that the 30%
> tax credit does not apply to self employment tax.  Can anyone confirm or
> deny this assertion?
>
>
> --
>
> Shine On!
>
> Kris Schmid
> Legacy Solar, LLC
> 864 Clam Falls Trail
> Frederic, WI 54837
> www.legacysolar.com
> 715-653-4295
> NABCEP Certified PV Installer
> Licensed Wisconsin Master Electrician
> BSEE
>
> _______________________________________________
> List sponsored by Redwood Alliance
>
> List Address: RE-wrenches at lists.re-wrenches.org
>
> Change listserver email address & settings:
> http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org
>
> List-Archive:
> http://www.mail-archive.com/re-wrenches@lists.re-wrenches.org/maillist.html
>
> List rules & etiquette:
> www.re-wrenches.org/etiquette.htm
>
> Check out or update participant bios:
> www.members.re-wrenches.org
>
>
>


-- 
Shine On!

Kris Schmid
Legacy Solar, LLC
864 Clam Falls Trail
Frederic, WI 54837
www.legacysolar.com
715-653-4295
NABCEP Certified PV Installer
Licensed Wisconsin Master Electrician
BSEE
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.re-wrenches.org/pipermail/re-wrenches-re-wrenches.org/attachments/20150327/83cae6bf/attachment-0002.html>