Kelly Green-Krist's (kgreenkrist) Blog

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...

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...

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...

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 ...

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...

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...

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...

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...

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...

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...