Kelly Green-Krist's (kgreenkrist) Blog

I wanted to take this opportunity to touch base regarding the federal income tax rules on the “kiddie tax” and its potential impact on your financial strategy for your child(ren).In brief, the kiddie tax was enacted by Congress to prevent parents from passing investment income to their children, ...

Here’s some crucial information on how to document expenses during business travel.Corporation or proprietorship? If you operate as a corporation, the corporation should reimburse you for the travel expenses or pay for them directly. Remember, you can’t deduct employee business expenses on Form 1...

Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty.The IRS imposes a 20 percent penalty for substantial tax underpayment. For instance, if the IRS finds you underp...

Here’s some information on how you can help a family member buy a home by making a loan to them while ensuring that you and the family member benefit from a tax-smart loan structure.With the current national average interest rates for 30-year and 15-year fixed-rate mortgages at 6.71 percent and 6...

You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those who have won the lottery or have substantial wealth can fall victim to poor estate planning.While federal estate taxes may not concern you, you need a will to have your wishes ...

I am writing about a significant opportunity for your business to qualify for the Employee Retention Credit (ERC). As we are in 2023, you still have the chance to qualify for the ERC for the 2020 and 2021 calendar years and potentially recover a substantial amount of money.The ERC is a refundable...

I am bringing to your attention an opportunity that might result in significant tax benefits for you or your corporation—the unclaimed 2020 and 2021 COVID-19 sick and family leave credits.The IRS allows individuals and corporations to claim these credits to alleviate the pandemic’s impact. But ma...

When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages.When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you mus...

The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later:  Purchase an EV and claim the clean vehicle credit. Lease an EV and benefit from the lessor’s EV discount. Purchase...

The real estate boom appears to be over for now. Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, perhaps twice as much in a worst-case scenario. Homeowners who purchased their homes at the top of the market could be in trouble, especially if the U.S. falls i...