Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
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
Obtaining a tax credit is the next best thing to paying no taxes at all. The tax code contains over 30 non-refundable tax credits for businesses. These are part of the general business tax credit and are claimed on IRS Form 3800, General Business Tax Credit, and on Schedule 3 of Form 1040. The ge...
12/19/2021
The purpose of this post is to get the IRS to owe you money.Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.Here are six powerful business tax deduction strategies th...
12/12/2021
The clock continues to tick. Your retirement is one year closer.You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider. Establish Your 2021 Retirement PlanFirst, a question: As you read this, do you have your (or your cor...
12/05/2021
If you are thinking of getting married or divorced, you need to consider December 31, 2021, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes plan...
11/14/2021
Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible. But if you use it in a business, you can deduct the full cost using regular depreciation, bonu...
11/07/2021
If you own a condominium, cottage, cabin, lake or beach home, ski lodge, or similar property that you rent for an “average” rental period of seven days or less for the year, you have a property with unique tax attributes. Seven days example. Say you have a beach home and you rent it 15 times duri...
10/31/2021
Millions of American businesses hire independent contractors to perform all types of services. And millions of American workers prefer to work as contractors rather than employees. Indeed, due to the COVID-19 pandemic, it’s likely that more people than ever want the freedom that comes with being ...
10/24/2021
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax home, and it’s not necessarily in the same town where you have your personal residence.If you have more than one business location, one of the locations will be your tax home. It’s generally your m...
10/17/2021
The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs.Here are six important p...
10/10/2021
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Kelly Green-Krist

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