How can I take the 30% Federal Tax Credit for Solar if ...

How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: lsayre On: Tue Aug 05, 2014 9:19 pm

... I install solar panels, but I have the typical income tax withholding from my employer, and I generally break even or get a small refund at the end of each year? From what I'm reading you actually have to owe additional to the Federal Government at the end of the year in order to apply the credit to what you still owe them. But I pay my taxes monthly by withholding and it pretty much balances out. Is this nice 30% tax credit only a rich mans game, or can average Joe worker actually take this 30% credit somehow?
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
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Other Heating: Resistance Boiler (13.5 KW)


Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: titleist1 On: Tue Aug 05, 2014 9:30 pm

I just did a quick read of an online summary and it appears you are correct about needing to owe in order to get the credit. However the credit can be carried forward into the next year and so on until 2016 if your liability is less than the credit.

So adjust your witholding a bit and spread it out over the next two or three years.


ooops....just re-read it and have a correction....it reads :

If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The excess credit may be carried forward until 2016, but it is unclear whether the unused tax credit can be carried forward after then.

tax liability means the amount you owe based on your net income so you should get a bigger refund when you apply your tax credit in addition to what you already paid via witholding. No need to adjust your witholding.....
Last edited by titleist1 on Tue Aug 05, 2014 9:40 pm, edited 1 time in total.
titleist1
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: McGiever On: Tue Aug 05, 2014 9:34 pm

Ooops...guess my idea for increased with-holdings is not needed.
McGiever
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: warminmn On: Tue Aug 05, 2014 10:28 pm

Raise the number of dependents you claim with your employer is one way. Then they take less out of paychecks and you owe more at the end of the year.

For example, a lot of single people claim 0 and get quite a bit back at tax time. I claim 2 and have to pay in a small amount at tax time. I'm not sure how many more you can claim but Ive claimed 2 for years.

I know nothing about the solar credit.
warminmn
 
Hand Fed Coal Stove: Chubby Junior, Efel Nestor Martin, Frankenstove
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: mozz On: Wed Aug 06, 2014 4:50 pm

You said "i install". Usually, they have to be installed by a certified installer. Whatever that means.
mozz
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: Berlin On: Wed Aug 06, 2014 7:26 pm

Larry, are you willing to milk the taxpayers and possibly the ratepayers (grid tie) for 30% and more of your solar panel cost?
Berlin
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: jpete On: Wed Aug 06, 2014 7:30 pm

warminmn wrote:Raise the number of dependents you claim with your employer is one way. Then they take less out of paychecks and you owe more at the end of the year.

For example, a lot of single people claim 0 and get quite a bit back at tax time. I claim 2 and have to pay in a small amount at tax time. I'm not sure how many more you can claim but Ive claimed 2 for years.

I know nothing about the solar credit.


I claim M-10 right now. My accountant does estimated taxes for me periodically throughout the year so I get as little "refund" as possible and with all my dependent credits, etc, I still get back more than I'm comfortable with.
jpete
 
Hand Fed Coal Stove: Harman Mk II
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: lsayre On: Wed Aug 06, 2014 8:36 pm

Berlin wrote:Larry, are you willing to milk the taxpayers and possibly the ratepayers (grid tie) for 30% and more of your solar panel cost?


I'm actually looking to be able to come off-grid and be able to survive in anything up to and including a TEOTWAWKI situation. The system I'm considering has 60,480 Watts worth of batteries (with roughly 90% of 30,240 actual Watts available on an AC basis if the battery draw down limit is firmly set at 50%) sitting between the 24 x 250 Watt solar panels and the inverter. That would be the storage of 1,260 amp hours of electricity at a delivery of 48 volts for those accustomed to seeing it that way (whereby 1,260 amps x 48 volts DC = 60,480 DC Watts). Plus I'm not considering back-feeding the grid with any excess I may produce on those sunny summer days with hours on end of pure sunshine. I may even call the power company and tell them to come and get their meter (if my Township, County, or State codes don't get me tossed in jail for attempting this, just as for what recently happened to a Florida woman who tried this).

The raping of the citizenry via income taxation is a bit old fashioned and antiquated in an era where "real money" (choke, ahem) truly comes from nothing. Taxation of the populace is essentially a ruse when the Federal Reserve can pull $85 billion (announced, with likely far more than this in actuality) out of its hat each month for at least the past year and buy off our ever rising debt with it. But before that they magically made at least 6 trillion dollars appear from nothing in order to buy up all of the toxic waste debt that the worlds banks and investment houses and insurance companies and mortgage companies (Freddie Mac and Fannie Mae being but two of them) incurred during the panic of 2007/2008, and on top of that they gave their member banks (all US banks need apply here) multiple trillions more in what is being referred to as "excess reserves", with this of course also derived from nothing but thin air. Because of this I'm reasonably confident that my piddling little tax credit (if there is in fact any hope of actually getting it, which is looking more and more doubtful) will factually not come out of anyones pockets, but rather will merely be likewise produced from thin air.
Last edited by lsayre on Wed Aug 06, 2014 9:15 pm, edited 3 times in total.
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Blaschak Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)


Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: jpete On: Wed Aug 06, 2014 8:41 pm

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jpete
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: lsayre On: Wed Aug 06, 2014 9:12 pm

Why is it that everyone except the working man (or woman) is "entitled" to a piece of this money from nothing scam in one way or another? This energy tax credit might be my only means to acquire a very small piece of this scam pie. Surely saving the earth by going solar is a noble adventure worthy of some money from thin air. No?

So far it appears that the Federal Reserve has fabricated roughly enough money from nothing to have been able to give every one of the roughly 110 million working class families in the USA a check for about $160,000. How much of that have you and I gotten?

Libs, ya gotta work with me here. Solyndra and several others totally squandered their solar pie, but I promise to make it work for me (ahem) all of us.
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Blaschak Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)

Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: warminmn On: Wed Aug 06, 2014 11:19 pm

You might as well get some money before the banks and insurance companies get it. If it makes you feel better about it you can give it to me, lol

That is a lot of power you are thinking of harnessing. I think often about it myself but mine would be more of doing without things. Good luck with it.
warminmn
 
Hand Fed Coal Stove: Chubby Junior, Efel Nestor Martin, Frankenstove
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: lsayre On: Thu Aug 07, 2014 5:57 am

Another way (perhaps the better way) to look at this is that our government has imposed roughly 35% to 50% tariffs on foreign made solar stuff (which means virtually all of it) and then they imply that if you can meet their energy credit criteria (which nearly no one can mind you) they will give you 30% back. Thus it comes from the countries that made the panels, etc..., who are happy to sell them to you 35% to 50% cheaper to begin with, and in the end you loose no matter how you play the game because if you were FREE to buy them at cost you would buy them for far less and be better off than if you somehow managed to get the 30% government fraud discount.
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Blaschak Anthracite Pea
Other Heating: Resistance Boiler (13.5 KW)

Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: McGiever On: Thu Aug 07, 2014 8:15 am

Come on Larry,
How can all the added on fees and taxes be collected if you are able to get your energy for free at your home site?
McGiever
 
Stoker Coal Boiler: AXEMAN-ANDERSON 130 "1959"
Coal Size/Type: PEA / ANTHRACITE
Other Heating: Ground Source Heat Pump
Stove/Furnace Make: Hydro Heat /Mega Tek

Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: Sting On: Thu Aug 07, 2014 11:01 am

lsayre wrote:Why is it that everyone except the working man (or woman) is "entitled" to a piece of this money from nothing scam in one way or another? .


Image
Sting
 
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Re: How can I take the 30% Federal Tax Credit for Solar if ...

PostBy: Berlin On: Thu Aug 07, 2014 7:32 pm

There's a lot of things people are "entitled" to in this society that they don't take advantage of for various reasons, principles being a rare one of them. I was just curious to see the rationalization.
Berlin
 
Hot Air Coal Stoker Furnace: Will-Burt Combustioneer 77B
Coal Size/Type: Ohio BITUMINOUS pea stoker coal


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