Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
Are you thinking of getting married or divorced? If yes, consider December 31, 2022, 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 planning st...
11/13/2022
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 2022 Retirement Plan First, a question: Do you have your (or your corporation’s) ret...
11/06/2022
Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2022.  Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis t...
11/02/2022
Have you sold, or are you planning to sell commercial or rental property? To avoid immediately paying capital gains tax on your profit, you have options: Deferring the capital gains tax using a Section 1031 exchange Deferring the capital gains tax using a qualified opportunity zone fund With a Se...
10/16/2022
There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032. The bad news is that th...
10/10/2022
I was perusing the Internal Revenue Code (it’s one of the things I do) and started to think about the various sources of tax-free income. Here are the 11 that jumped out at me: Roth IRAs Social Security benefits up to the taxable limits Tax-free IRA withdrawals (on top of tax-free Social Security...
10/02/2022
You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles. Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for business-use electric vehicles. And ...
09/25/2022
The President signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners. When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay (unlike a tax deduction that only red...
09/18/2022
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...
09/11/2022
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 ...
09/04/2022
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Kelly Green-Krist

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