[RE-wrenches] ITC

[Dave]

That makes sense now. The ITC comes off the income.

 

From: RE-wrenches [mailto:re-wrenches-bounces at lists.re-wrenches.org] On Behalf Of Kristopher Schmid
Sent: Friday, March 27, 2015 11:33 AM
To: RE-wrenches
Subject: Re: [RE-wrenches] ITC

 

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 <http://www.legacysolar.com/> 
715-653-4295
NABCEP Certified PV Installer
Licensed Wisconsin Master Electrician
BSEE


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-- 

Shine On!

Kris Schmid
Legacy Solar, LLC
864 Clam Falls Trail
Frederic, WI 54837
www.legacysolar.com <http://www.legacysolar.com/> 
715-653-4295
NABCEP Certified PV Installer
Licensed Wisconsin Master Electrician
BSEE

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