Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes. From 2018 through 2025, the TCJA caps itemized deductions for state income taxes (or general sales taxes if elected instead...
08/30/2022
Are you considering joining the Great Resignation and becoming self-employed to be in charge of yourself? Yes? Okay, but before leaping, consider the tax implications. This self-employment thing may not be as rosy as it appears.Here’s the big picture. Don’t Believe the HypeDespite what some may b...
07/17/2022
The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action.Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022. That’s up 4 cents a mile.This brings up...
07/10/2022
You have read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundreds) of thousands of dollars in back payroll taxes, interest, and penalties.  Are you one of those horror stories?Okay, let’s say you ar...
06/29/2022
The stock market is tanking while real estate continues to skyrocket. If your retirement savings have taken a hit, you may be wondering if this is the time to invest in real estate through your IRA, Roth IRA, or SEP-IRA.You can’t invest in real estate with a traditional IRA or Roth IRA (or SEP-IR...
06/26/2022
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income.The IRS is concerned that you and millions of Americans are using crypto without paying tax on the earnings. To clarify that it ex...
06/21/2022
Do you own or lease non-residential (think commercial) real property for your business or rent non-residential real property to others? If so, interior improvements you make to the property may be fully deductible in a single year instead of over multiple years. But to be deducted instantly, the ...
02/06/2022
The hire-your-child strategy works best for the Schedule C proprietorship because when the proprietor hires his or her under-age-18 child, the tax code exempts both the child and the proprietorship from payroll taxes.That’s great for proprietorship owners who have children under age 18. But if yo...
02/02/2022
When you own rental property, depreciation is your best friend. One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything beyond your original investment...
01/03/2022
If you hire an employee for your Schedule C business, you can qualify for several valuable tax credits. Each credit is different, and certain limitations apply to all or most employer tax credits.Remember, like we said above, tax credits are the best. They beat deductions. Note the difference bel...
12/26/2021
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Kelly Green-Krist

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