In most cases, there may be no additional income tax when a taxpayer sells their personal residence. However, there are a number of issues that surround the typical sale of the home that may require you to contact your tax professional for clarification. Here are a...
Working The Puzzle From All The Angles
- Home • 2015
Year: 2015
Do Not Ignore the IRS
On Behalf of Demetrius J. Karos, Ltd. | Jul 13, 2015 | Tax Law
If you receive a notice from the Internal Revenue Service, you must answer the notice within a specific time. Failure to respond could result in an assessment and more expensive to unwind.Here are a few tips to deal with an correspondence from the Internal Revenue...
Know Your Vacation Home Rules
On Behalf of Demetrius J. Karos, Ltd. | Jul 8, 2015 | Tax Law
Just because you own a vacation home does not mean you automatically get to write off everything related to the ownership of the vacation home. Here are a few tips. IRS Tips about Vacation Home RentalsIf you rent a home to others, you usually must report the rental...
Got Gambling Winnings?
On Behalf of Demetrius J. Karos, Ltd. | Jul 6, 2015 | Tax Law
Many taxpayers will have gambling winnings. Be advised that these winnings cannot be ignored and there are specific ways to report the winnings and the dreaded losses. Winnings that are not reported may come back as a surprise when the IRS issues a matching...
Identity Theft and Your Tax Return
On Behalf of Demetrius J. Karos, Ltd. | Jul 1, 2015 | Tax Law
Identity theft is a common problem in our society and has become an epidemic in the field of tax preparation. If you are a victim of identity theft, don't blame the preparer. Do follow these steps if you are a victim of identity theft. Ten Things to Know about...
Do you owe money to the IRS?
On Behalf of Demetrius J. Karos, Ltd. | Jun 30, 2015 | Tax Law
If you owe money to the Internal Revenue Service or your state Department of Revenue, that liability does not go away easily. If you do not make proper arrangements to pay the liability, government agencies have very powerful tools to get your attention.Here is...
Tax Tips for Students with Summer Jobs
On Behalf of Demetrius J. Karos, Ltd. | Jun 18, 2015 | Tax Law
Summer time rolls around and students start working their summer jobs. For some students, this may be their first time job or may be something different from their previous employment. This is a good time to review some basics about tax issues that may arise now and...
Adoption Credit Helps with the Cost of an Adoption
On Behalf of Demetrius J. Karos, Ltd. | Mar 10, 2015 | Tax Law
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...
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...