Especially when one is self-employed in a business, getting a notice of a proposed adjustment to taxes can mean a lot more than just having to come up with some extra money to pay the IRS, or the state taxing authorities, for back taxes. Indeed, sometimes these...
Working The Puzzle From All The Angles
Month: July 2019
How the TCJA affected self-employment taxes
On Behalf of Demetrius J. Karos, Ltd. | Jul 17, 2019 | IRS, Tax Law
If you started a business in 2019, you probably heard that you wouldn't get many tax breaks because of the 2017 Tax Cuts and Jobs Act. While some self-employment deductions have gone away, some only temporarily, you still have others you can take advantage of when you...
Using an LLC as an estate planning device
On Behalf of Demetrius J. Karos, Ltd. | Jul 5, 2019 | Estate Planning
When people think of setting up a limited liability corporation, or LLC, it is usually for business reasons. For example, a businessperson may like the idea of having some degree of legal protection like what an LLC offers. Moreover, an LLC also offers important tax...