Demetrius J. Karos, Ltd. Tax Representation From A Former IRS Employee

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February 2018 Archives

Tax avoidance is not the same as tax evasion

Tax evasion is a serious crime that can, if it results in conviction, lead an Illinois resident to spend many years in jail. It involves the willful avoidance of paying one's taxes through illegal means of concealment. However, every year many Americans make mistakes when they file the income tax returns and commit errors that may reduce their tax burdens. These errors must be corrected but generally do not constitute tax evasion. Tax avoidance is another type of issue all together that involves the proactive planning by an individual to legally lower their overall tax obligations.

Why you need an estate plan

It is a common misconception that only the very wealthy or the elderly should have an estate plan. In fact, every adult Illinois resident regardless of their age or the status of their bank account should have several important estate planning tools in place in the event that unexpected life changes occur. This post will discuss some of those documents and how together they can create an effective estate plan.

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