After losing a loved one, you may stand to inherit property from their estate. If you do, remember that you may end up facing taxes if you sell that property. Those taxes are called capital gains taxes, and they can be complex. Capital gains taxes are paid on the...
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Year: 2021
How do you file an amended tax return?
On Behalf of Demetrius J. Karos, Ltd. | Aug 11, 2021 | Tax Law
When you file your tax return, both you and the professional you hire to prepare the return have to sign the document certifying that it is correct to the best of your knowledge. However, mistakes do happen. Whether you filled out your tax paperwork on your own or...
Is your estate plan valid when you relocate to another state?
On Behalf of Demetrius J. Karos, Ltd. | Jul 30, 2021 | Estate Planning
Many individuals have spent extensive time living in other states before relocating to Illinois. These new residents come here for various reasons, including going to college, starting a new chapter in their life or moving their business. It's not uncommon for the...
What are your rights when undergoing a tax audit?
On Behalf of Demetrius J. Karos, Ltd. | Jul 14, 2021 | Tax Controversy
Tax audits occur less frequently than most people believe they do, and most of them are conducted by mail. However, some Naperville, Illinois residents may face an in-person tax audit at some point, and it is wise to prepare for this procedure. According to H&R...
What are some legitimate deductions you can take when you’re self-employed?
On Behalf of Demetrius J. Karos, Ltd. | Jul 2, 2021 | Tax Law
There are various benefits to being self-employed. You can call the shots, including setting your schedule and not having a cap on your wages. However, you don’t have an employer taking deductions from your paycheck. You have to keep track of your tax obligations...
Those who don’t disclose offshore resources can face tax charges
On Behalf of Demetrius J. Karos, Ltd. | Jun 23, 2021 | Tax Evasion
For years, it was the first piece of advice that a financial planner would give anyone with more than a million dollars and assets: It was common knowledge that they should move their resources to an offshore bank account where the IRS wouldn't be able to locate those...
What to do if you inherit a home
On Behalf of Demetrius J. Karos, Ltd. | Jun 17, 2021 | Estate Planning
If you find yourself in this situation, not to worry, inheriting the family home does not need to be complicated. You have many options available to you depending on how you would like to use the property -- but there are a few things you need to handle first. Here...
Is it tax fraud or accidental employee misclassification?
| Jun 1, 2021 | Tax Controversy
Running your own business is hard. It seems like there’s always a ton of rules to wade through when it comes to every aspect of your business, including when it comes down to hiring employees and independent contractors. Misclassifying an employee as an independent...
Should I worry about an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | May 19, 2021 | IRS
Once you submit your tax return, you might still lose sleep over it. You might lie awake expecting the Internal Revenue Service (IRS) to knock on your door and tell you they want to audit your company. However much you trust your accounting team, you know mistakes...
What do you do if you forget to file your taxes?
| May 5, 2021 | IRS
It’s not uncommon for people to miss the tax-filing deadline, even though most people know when it is. They might miss it unintentionally or refuse to file for other reasons. If you haven’t filed a tax return for the past year when you were supposed to, then you still...
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