At Midas Wealth, we maximize your solar investment benefits by partnering with top industry experts. We work with DSIRE (www.dsireusa.org) to identify the best state-specific incentives for you. DSIRE, managed by the N.C. Clean Energy Technology Center, is the leading source of information on renewable energy incentives and policies in the U.S. Additionally, we collaborate with Tax Hive (https://taxhive.com), the nation's top solar tax preparation service, to ensure you receive every possible financial benefit. Their specialists help you strategize to exceed the standard 30% Federal Tax Credit. With these partnerships, we guarantee comprehensive financial rewards for your solar investment.

Homeowners can write off the first 5-7 years of payments for their solar purchase due to the front-loaded interest structure of many solar loans. This means early payments are primarily interest, which can be deducted if the system is used for rental or business purposes. By leveraging the Modified Accelerated Cost Recovery System (MACRS), you can depreciate the system over five years, including the cost and interest paid. Tax Hive’s expert accountants will help you navigate tax laws, calculate deductions, and ensure compliance. Maintaining detailed records of loan payments, interest, and installation costs is crucial. Additionally, you may be eligible for bonus depreciation, allowing you to depreciate the full cost in the first year. With Tax Hive's assistance, you can maximize your financial returns from your solar investment.

Depreciating your solar system is one of the best perks a homeowner can get for going solar! By depreciating the entire project, you can achieve substantial financial returns. Using the Tax Hive process with their expert accountants makes this even more beneficial. Their team will guide you through the eligibility criteria, apply the Modified Accelerated Cost Recovery System (MACRS) method, and help you calculate the basis by subtracting any federal tax credits. They will also assist with yearly depreciation calculations and check for bonus depreciation eligibility. With detailed documentation and professional assistance from Tax Hive, you can confidently maximize your tax savings and enjoy the full financial benefits of your solar investment.

In the rare event of an IRS audit, Midas Wealth is here to support you. Our team provides the necessary documentation and support for the tax credits and deductions we've helped you claim. We are committed to ensuring you feel confident and secure, knowing your claims are backed by our expertise and meticulous preparation. With Midas Wealth by your side, you can rest assured that even during an audit, you have a trusted partner dedicated to your financial well-being.