Demetrius J. Karos, Ltd.
815-534-4402 800-465-6208

August 2014 Archives

When Should You Amend Your Return?

If you make a mistake on your tax return, speak to your tax preparer to determine whether an amended return should be filed. You may be entitled to a refund or you may owe money. Being proactive could eliminate future notices from the IRS for unreported income and may help to avoid penalties for not including such income.

State Taxes Can Hurt

Many of us focus on the Federal tax and forget the tax hit caused by the state tax. Here is an article with 10 states that are expensive in more ways than just the income tax.

Can You Deduct Your Moving Expenses?

Moving can be very stressful as well as an expensive process. The current tax law provides for a deduction for some but not all moving related expenses. A little planning can take some of the sting out of a move. Unfortunately, there is no help for the stress.

Watch for Scams

Criminals get creative everyday. A taxpayer can always consult with an accountant or an attorney before proceedings begin. Knowing your rights and options can provide a better solution and may help avoid some of the current scams by criminals posing as an IRS employee.

Miscellaneous Deductions Can Cut Taxes

Managing your miscellaneous deductions is very important and could be worth money to you. As your income increases, so does the two percent floor that you must over come in order to start deducting miscellaneous deductions. Here are a few tips to watch for in your tax planning.

Got a Balance Due with the IRS?

Most taxpayers have adequate withholding and receive a refund every year. What if there is a balance due? Many taxpayers make the mistake of not filing a tax return. Unfortunately, that creates many other problems and the issues do not go away. 

Use IRS Online Tools to Get Year-Round Tax Help

The Internal Revenue Service has created and maintained an excellent website that is full of information to satisfy most of your informational needs.  This website is a great place to start to find information if you have a tax question or are starting a business.  The following is an exerpt from a recent IRS Notice:

Ten Things to Know About the Taxpayer Advocate Service

The Taxpayer Advocate was created as a safe guard for taxpayers that run into a problem with the IRS and need assitance for a independent third party assess the situation and come to a quick resolution.

Make an appointment at one of our conveniently located offices today.

Demetrius J. Karos, Ltd.

Frankfort Office:
1 Old Frankfort Way
Frankfort, IL 60423-1719

Phone: 815-534-4402
Fax: 815-806-9595
Map & Directions

Naperville Office:
5th Avenue Station
200 East 5th Avenue
Suite 125
Naperville, IL 60563

Map & Directions

1 Old Frankfort Way , Frankfort, IL 60423-1719
5th Avenue Station , 200 East 5th Ave. Suite 125 , Naperville, IL 60563

Contact us by phone.

Phone: 815-534-4402 Toll Free: 800-465-6208 Fax: 815-806-9595