Federal 30% Solar panel rebate this year v.s. "business" expense (W9 the contractor?)
I operate my business out of the house. Can I claim my 30% federal solar rebate AND also get by with more business deductions and claim the 1099 contractor (making him fill out W9) as a business expense on top of that?
What is my best bang for the buck. The project cost k, and I know I'm getting a minimum of k off my FED taxes next year form rebate. Can claim more deductions in some way (and how?) since it the panels are used primarily for my LLC?
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Typically you can only claim as business deductions those expenses which strictly relate to your business. In some cases, if you have a dedicated home office in your house, you can specify that expenses related to this space (furniture, etc.) are business expenses because it is a dedicated space. For example, I know of someone in sports broadcasting who claimed several TVs as a business expense, but these are for a room in his house that he uses only for watching games related to his work responsibilities, and never for entertaining, having friends over, etc.
I think it will be difficult for you to count any portion of this type of installation as a business expense as it would relate to both your business as well as your residence. If you intend to try to get this deducted, I would strongly recommend consulting a CPA or tax attorney first. I think it will be difficult to prove that the only benefit is to your LLC if your electricity bills/credits are co-mingled with those for your residence.
Best of luck!
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