Solar Savings & EV Credits w/ JJ the CPA

Airdate: 12/09/2023

In this episode, Josh welcomes JJ the CPA, aka Joshua Jensen, to discuss essential year-end tax planning strategies. JJ, an expert in public accounting, highlights the advantages of investing in solar energy and electric vehicles, emphasizing the tax credits and deductions these investments offer. He underscores the importance of consulting a financial advisor, especially with the new opportunities presented by the Secure Act 2.0, which introduces a Roth component in retirement plans and offers tax credits for small businesses.

The conversation shifts to the practical aspects of these investments, such as the deadlines for solar installation tax credits and the possibility of selling these credits. JJ also covers the complexities of electric vehicle tax credits, including the limitations on specific models and the impact of Section 179 depreciation for heavy vehicles. They delve into the nuances of business versus personal miles for tax deductions and the benefits of bonus depreciation.

JJ and Josh also tackle the topic of retirement planning, discussing the Secure Act 2.0's implications and the mixed perceptions of 401k and retirement plans in the media. JJ passionately advocates for the misunderstood role of whole life insurance in tax planning, debunking myths and highlighting its potential as a stable investment.

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