Kelly Green-Krist's (kgreenkrist) Blog

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...

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...

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...

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...

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 ...

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...