Kelly Green-Krist's (kgreenkrist) Blog

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...

The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs.Here are six important p...

Some withdrawals are taxable. Even worse, some can be socked with a 10 percent early withdrawal penalty tax, and this can happen even when there’s no income tax hit.  Any withdrawals from any of your Roth accounts are federal-income-tax-free qualified withdrawals if you, as a Roth IRA owner,  are...

Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the three bad things to happen. Bad ...

The Tax Cuts and Jobs Act (TCJA) ugly net operating loss rules, which were laid dormant by the CARES Act, reappear in tax year 2021 to limit your tax loss benefits. You’ll most often see an NOL when you have a net business loss for the tax year. You are now stuck with the TCJA rules for NOLs star...

When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining...