Everyone knows that an adoption can be very expensive. In order to facilitate more adoptions, the government provides a tax credit to help ease part of the cost of an adoption.Here is a brief summary of some important points on taking the adoption credit. Top Ten...
Working The Puzzle From All The Angles
Month: March 2015
Tax Tips for the Self Employed
On Behalf of Demetrius J. Karos, Ltd. | Mar 9, 2015 | Tax Law
Being self employed requires keeping track of one's business expenses as well as tracking and paying Federal and State taxes due. Here are a few simple tips to keep in mind when preparing your income taxes. Are You Self Employed? Check Out These IRS Tax TipsMany...
Debt Cancellation is Not Tax Free
On Behalf of Demetrius J. Karos, Ltd. | Mar 5, 2015 | Tax Law
A Bank might be forgiving but the IRS is not. When a debt is forgiven or lowered, there might be a reportable income event with such forgiveness. Our US tax system treats this as income required to be reported in the year the debt was forgiven or modified. There are a...
Are My Unemployment Benefits Taxable?
On Behalf of Demetrius J. Karos, Ltd. | Mar 3, 2015 | Tax Law
Your unemployment benefits may not be much but you can be assured that they are subject to income tax. Many elect to have no withholding on the unemployment benefits. Don't be surprised if your refund is small or there is a balance due. Here are a few tips regarding...