Kelly Green-Krist's (kgreenkrist) Blog

Over the years, the IRS has enacted voluminous regulations that interpret ambiguous tax code provisions or fill in administrative gaps. Indeed, IRS regulations dwarf the tax code: the tax code is about 2,600 pages long, while all the rules written by the IRS amount to over 16,000 pages.Think an I...

If you’re in the market for a new car, the federal government would like you to purchase an electric vehicle (EV) or a plug-in hybrid EV (PHEV). In 2022, Congress enacted the Inflation Reduction Act, which revamped and expanded tax credits for EVs purchased during 2023 and later. As a result of t...

Prepare for tax changes.The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you...

2024 has been a great year for investors in cryptocurrency, with Bitcoin reaching all-time highs.With high profits, however, can come high taxes. Fortunately, there are several strategies you can employ before year-end to reduce your 2024 crypto taxes.If you invested only in Bitcoin, you may not ...

Do you have a health savings account (HSA)? If so, you have one of the best tax-advantaged accounts. HSAs provide a unique triple tax benefit: Pre-tax contributions are tax-deductible. The money in the HSA is invested and grows tax-free (just like in an IRA). Withdrawals to pay medical bills are ...

Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax.Classification o...

Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 a year to own a dog. Can you ever deduct these costs from your taxes?The expenses for a family pet that provides you only with love and companionship are never deductible. They are purely personal expe...

If the IRS has recently claimed that you owe a penalty for late filing, late payment, or missed employment tax deposits, pause before making any payment. You may not have to pay that penalty at all.The IRS often imposes steep penalties for filing tax returns late, failing to pay taxes on time, or...

In the complex world of taxes, some individuals may find themselves classified as "non-filers." These are people who, for various reasons, haven't submitted their tax returns to the government. While it may seem harmless or unimportant to skip filing, there are significant risks and consideration...

Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme.New IRS ERC Payback ProgramThe IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll repay 85 percent of my claimed ...