Kelly Green-Krist's (kgreenkrist) Blog

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Industry Observer - Green Krist CPA PLLC - 34463
RECENT BLOG POSTS
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 ...
10/24/2021
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...
10/17/2021
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...
10/10/2021
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...
10/05/2021
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 ...
08/08/2021
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...
08/02/2021
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...
07/12/2021
Cryptocurrencies have gone mainstream.  For example, you can use bitcoin to buy far more than you would think. To see, try googling “What can I buy with bitcoin?” You will get more than 350,000 hits. But using cryptocurrencies has federal income tax implications that may surprise you.  With the p...
06/20/2021
Here’s a vehicle story that you will find of interest.Taxpayer DJ is in an IRS audit of his 2018 tax return. It is now at the IRS appeals level.The vehicle in question is an SUV with a curb weight of 5,700 pounds and a gross vehicle weight of 6,100 pounds. If the tax code makes the SUV a passenge...
06/13/2021
Have you missed partying and having business meals with your prospects, customers, and employees?Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away.To help you get ready, check the table below for what you can do in 2021 and 2022 as the law sta...
06/03/2021
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