Kelly Green-Krist's (kgreenkrist) Blog

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 ...

The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).DeadlinesIf your business existed as of January 1, 2024, you must file your BOI report...

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business.For 2024, the Social Security tax ceiling increased to $168,600, resulting in a maximum Social Security tax of $20,906 for high earners. The Social Security Admi...

The Corporate Transparency Act (CTA) is upon us. It takes effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Corporations, LLCs, and other entities subject to the CTA are called “reporting...

Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure.Here are four key points to consid...