Green energy sources have
many benefits to you and the world, including a federal tax credit or home and
business owners who have had solar power panels installed before December 31.
The federal solar tax credit, known as the investment tax credit (ITC), is much
more profitable than a deduction. However, for taxpayers to get the full
benefit, the world needs a sufficient income. Here are what tax professionals
should know about ITC.
When the government
provides a tax incentive, it is happy about it, especially when local and state
enticements convoy it. According to the Environmental
Protection Agency, the government passed the ITC as part of
the Energy Policy Act, which has been extended four times since its initial
passage. The credit is now at 26 percent for the next two years so that eligible
taxpayers can have a dollar-for-dollar decrease in the amount of income tax
they owe. Taxpayers are looking forward to 2023 because the tax credit will
drop to 22 percent. Renewable portfolio standards are in some states where
utility companies give clients a specified minimum amount of electricity from
solar. Utility companies buy energy made by a solar customer’s house. The value
of solar renewable energy certificates will vary by state, but this is an
example of taxpayer liberation.
Does It Work?
power panels remain to provide people with prospective savings after filing
their taxes. Solar energy creates opportunities to resell excess energy, evade
power outages when harmonizing with a battery, and charge electric cars. The
sun’s rays shine on the solar panels resulting in generating electricity that
gives homeowners lower electric bills. The energy is completely free to the
owner once the payment to the solar company ends. Also, solar power works all
day, even when it is raining or dark overcast. Utility companies can
offer the ability to sell back electricity to the grid for a credit on a
homeowner’s electric bill. The utility companies can credit a home’s electric
The government is devoted to solar power that many states
and cities have recognized property tax exemptions on solar. The solar panel installation
calculates property tax fees giving homeowners and companies more money.
Solar energy panels have many benefits for businesses
and homeowners. However, it could be challenging to understand everything about
the tax deduction that comes with installation. You can count on Mariela Ruiz, CPA, PLLC,
to help you with your taxes. We can give you tax advice for any situation you
are in and find a financial solution that benefits you. We want to save you
money by providing attentive and well-strategized plans, so call us at (956)
In order for your business to be successful in the future,
it’s essential to have a financial forecast. What is a financial forecast? It’s
an overview of your company’s current finances and resources. You can use it as
a guide for budgeting and strategic targets for the future, allowing you to
stay on track with goals for your business. It gives a detailed forecast of business
trends so you can maneuver the direction you want the company to go. Learn more
about the benefits of financial forecasting by reading our blog.
Clearing a Path
says it best – “Having accurate and up-to-date financial records is vitally
important for day-to-day operations. However, having an accurate financial
forecast can be the difference between success and failure for a company.”
This type of forecast reflects your company’s finances and resources, giving
you the information you need for future planning, including long-term goals.
These goals can be anywhere from six months to a year or even longer.
Having confidence in your company is one thing, but it’s
different when you have definite goals that you want to achieve. Of course,
there are certain steps you must take, but with a financial forecast, it can help
you get there. Following an accurate forecast can assist with growth within
your business, as well as create trust and confidence with investors.
Plan of Action
With your financial forecast in hand, you can plan what
resources you will need, including when and how to use them. For example, resources
for your company may include cash investments, materials, employees, and so on.
Using the forecast as a reference, you can make decisions based on accurate
financial information. Answers to questions such as “how much do I need to make
sure I don’t run out before the next funding round?” or “how many employees do
I need to prevent overstaffing or understaffing to achieve this quarter’s
goals?” are made much clearer.
MARIELA RUIZ, CPA, PLLC offers financial forecasting and
projections for clients in the city of Mission and surrounding areas. With our
certified public accountants by your side, you can be confident in our services
and the success of your business. Get in touch with an accountant at MARIELA RUIZ, CPA, PLLC today!
As a business owner, you
understand the importance of making sure your finances line up month after
month. Hiring a CFO or chief financial officer to keep an eye on your business’
money is a big step. Keep reading to learn four of the qualities to look for in
your ideal candidate in order to ensure a prosperous future for your company.
Knowledge of Your Company’s
Every industry is different and
each has different financial needs. Ensuring you choose a financial team member
that understands the ins and outs of your company’s financial field is
incredibly important. In order for your CFO to be successful in the company
they need to fully understand where your clients and stakeholders are coming
from to make the best money choices.
If you are ready to take the step
of hiring a CFO, you’re choosing to hire a leader that you will be able to rely
on in any given situation. They will not only be leaders of your accounting and
financials but they should also be reliable during difficult times in order to
keep the business moving forward.
Problem Solving Skills
No matter what stage your
business is in, there are always problems to be solved. Whether concerns faced
by small businesses or issues that arise after profitability, you need to trust
your CFO will have the problem solving skills necessary to address the issue.
Wide Range of Financial Knowledge
It goes without saying that your
CFO needs to understand the ins and outs of finance. However, it would also be
highly beneficial to work with someone that understands other aspects of
business such as investments and risk management. A CFO with this knowledge
would be incredibly helpful for the growth of your company.
Choosing to work with anyone in a
financial capacity is a big step, especially if you own a business. These are
only a handful of the qualities needed in the perfect CFO for your company.
That’s why MARIELA
RUIZ, CPA, PLLC prides our self on holding all of these and
many other positive aspects that make a good chief financial officer. Visit our
website today to learn how we can best help your company keep growing.