Kelly Green-Krist's (kgreenkrist) Blog

To date, 29 states have enacted pass-through entity (PTE) taxes that can enable owners of pass-through entities such as partnerships, multi-member LLCs, and S corporations to effectively get around the federal $10,000 limit on deducting state and local taxes (SALT).The 29 states are Alabama, Ariz...

The Fed is finally taking aggressive action to fight inflation, but will it work? Where’s the stock market headed? Who knows?Real estate might be a good inflation hedge, but it’s a non-liquid asset and no sure thing. Clearly, this is not a great environment for investors or retirement savers. If ...

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...

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...

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...

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...