What's the most lucrative tax specialty of the near future? - Video

In this "Dear Western" installment, ‪ @JJTHECPAusa offers some thoughts about a tax specialty where he sees a ton of opportunity in the next 10 years. To submit your questions to "Dear Western," e-mail them to [email protected].

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Covers: Green tax credits, solar tax credits, Investment Tax Credit (ITC), Production Tax Credit (PTC), Section 179.

Question:
"Dear Western, what would be the most lucrative tax specialty going forward and why?"

Answer:
I'm sure many of you have different answers to this, but I'm going to let you in on a secret. Here's what I plan to specialize in from now on, and the biggest reason is this: it has a 10-year shelf life. We're talking about green tax credits, specifically solar tax credits.

Yes, we know about housing tax credits, but what's new, fresh, and hot are the business solar tax credits. We're talking about the Investment Tax Credit (ITC) and the Production Tax Credit (PTC). These are lucrative tax credits, offering dollar-for-dollar tax savings of 30%, 40%, 50%, or even 70%, with only 50% of that credit added back to the basis for depreciation. This means a five-year class life with bonus depreciation as well as Section 179 depreciation available. How exciting is this?

Here's why it will be a real specialty right now, in my opinion. This is something that's currently flying under the radar. If you can get ahead of the game and build yourself as an expert in this area, you could become the top specialist in your field, if not the country.

One thing my grandfather, who practiced as a CPA for over 55 years, told me is that if you can find one specialty to run deep on, you become an expert. This drives up your value and demand, leading to better profits and possibly a better lifestyle, allowing you to work smarter, not harder.

I've just shared my secret with you because this is what I'm going to specialize in. The law is in play until 2032 and possibly longer, depending on Congressional decisions. So, look into these opportunities.

Here's the biggest takeaway: search the catalog on Western CPE's website, find these seminars, and tune in.

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