NO TRICK, YOUR TREAT!
SUN-SET!
Thinking about going solar? The current, lucrative 30% Federal tax credit will decrease to 26% in 2020 and then to 22% for units “put into service” during 2021. Then ZERO for residential units, and a reduced rate for commercial properties for a couple of years. Even with the credit, it can be an expensive — and time consuming — undertaking. Don’t let this chance “flame out.”
Don’t My Contributions Count Anymore?
Complicated and important question. The federal income tax changes that took effect in 2018 raised the “standard deduction” significantly AND limited the amount of taxes that could be deducted to $10,000. As a result, the vast preponderance of taxpayers now take the standard deduction, ( a fixed amount, based on your filing status) as it is usually more beneficial than the itemized deductions– which include separately stated items like mortgage interest, taxes and contributions. I have noticed the change especially with married homeowners with modest contributions — their donations do not affect their taxes as they used to. Of course, they still “count” for the nonprofit recipients.
Rich CPA Speaks: LLC or S-CORP?
| While both structures offer legal protections, there are important distinctions to consider. Yes, I DID show this in the last newsletter, six months ago. As it is creeping up on year-end, I have elected to show it again. |
