Article Highlights: Solar PromotionsSolar Tax CreditNonrefundable CreditFinancing CostsSolar Credit Phase-outLeasing a Solar System There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30% federal tax credit. What … [Read more...] about Solar Tax Credit: The Dark Side
Personal Tax
Should I Use a Credit Card to Pay My Taxes?
With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount immediately, there's also the option of paying your tax bill with a credit card. It can be less confusing than navigating IRS payment … [Read more...] about Should I Use a Credit Card to Pay My Taxes?
Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone!
Article Highlights: Conversion TimingWhy Convert?When to Convert?Issues to Consider Before Making the Decision Roth IRA accounts provide the benefits of tax-free accumulation and,once you reach retirement age, tax-free distributions. This is the reason why so many taxpayers are converting their traditional IRA account to a Roth IRA. However, to do so, you … [Read more...] about Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone!
Summer Employment For Your Child
Article Highlights Higher Standard DeductionIRA OptionsSelf-Employed ParentEmploying Your ChildTax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of the most recent tax reform, the standard deduction for single individuals jumped from $6,350 in 2017 to $12,000 in 2018, meaning your child can now make up … [Read more...] about Summer Employment For Your Child
Big Changes to the Kiddie Tax
Article Highlight: Prior LawNew LawEarned IncomeUnearned IncomeFiduciary RatesStrategies Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’ higher tax bracket and shifting it to their … [Read more...] about Big Changes to the Kiddie Tax