<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 12 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>That makes sense now. The ITC comes off the income.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> RE-wrenches [mailto:re-wrenches-bounces@lists.re-wrenches.org] <b>On Behalf Of </b>Kristopher Schmid<br><b>Sent:</b> Friday, March 27, 2015 11:33 AM<br><b>To:</b> RE-wrenches<br><b>Subject:</b> Re: [RE-wrenches] ITC<o:p></o:p></span></p></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>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?<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>On Fri, Mar 27, 2015 at 10:25 AM, Dave <<a href="mailto:dave@independentpowerllc.com" target="_blank">dave@independentpowerllc.com</a>> wrote:<o:p></o:p></p><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Sounds like BS. Earned income is earned income. I am self employed and have taken the 30% ITC on solar for my own home.</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>David Palumbo </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Independent Power LLC</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>462 Solar Way Drive</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Hyde Park, VT 05655</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><a href="tel:802-888-7194" target="_blank">802-888-7194</a></span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'> </span><o:p></o:p></p><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> RE-wrenches [mailto:<a href="mailto:re-wrenches-bounces@lists.re-wrenches.org" target="_blank">re-wrenches-bounces@lists.re-wrenches.org</a>] <b>On Behalf Of </b>Kristopher Schmid<br><b>Sent:</b> Friday, March 27, 2015 11:15 AM<br><b>To:</b> RE-wrenches<br><b>Subject:</b> [RE-wrenches] ITC</span><o:p></o:p></p></div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>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?<br clear=all><o:p></o:p></p><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><br>-- <o:p></o:p></p><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Shine On!<br><br>Kris Schmid<br>Legacy Solar, LLC<br>864 Clam Falls Trail<br>Frederic, WI 54837<br><a href="http://www.legacysolar.com/" target="_blank">www.legacysolar.com</a><br><a href="tel:715-653-4295" target="_blank">715-653-4295</a><br>NABCEP Certified PV Installer<br>Licensed Wisconsin Master Electrician<br>BSEE<o:p></o:p></p></div></div></div></div></div></div></div></div><p class=MsoNormal style='margin-bottom:12.0pt'><br>_______________________________________________<br>List sponsored by Redwood Alliance<br><br>List Address: <a href="mailto:RE-wrenches@lists.re-wrenches.org">RE-wrenches@lists.re-wrenches.org</a><br><br>Change listserver email address & settings:<br><a href="http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org" target="_blank">http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org</a><br><br>List-Archive: <a href="http://www.mail-archive.com/re-wrenches@lists.re-wrenches.org/maillist.html" target="_blank">http://www.mail-archive.com/re-wrenches@lists.re-wrenches.org/maillist.html</a><br><br>List rules & etiquette:<br><a href="http://www.re-wrenches.org/etiquette.htm" target="_blank">www.re-wrenches.org/etiquette.htm</a><br><br>Check out or update participant bios:<br><a href="http://www.members.re-wrenches.org" target="_blank">www.members.re-wrenches.org</a><br><br><o:p></o:p></p></div><p class=MsoNormal><br><br clear=all><br>-- <o:p></o:p></p><div><div><p class=MsoNormal>Shine On!<br><br>Kris Schmid<br>Legacy Solar, LLC<br>864 Clam Falls Trail<br>Frederic, WI 54837<br><a href="http://www.legacysolar.com/" target="_blank">www.legacysolar.com</a><br>715-653-4295<br>NABCEP Certified PV Installer<br>Licensed Wisconsin Master Electrician<br>BSEE<o:p></o:p></p></div></div></div></div></body></html>