When people do their own taxes, mistakes are very common. You're likely worried about making errors when you're filling out the forms, and you should attempt to do them as well as you can, but it's also important to know that you're not alone if you feel like you may...
Working The Puzzle From All The Angles
Month: March 2022
Is cryptocurrency taxable?
On Behalf of Demetrius J. Karos, Ltd. | Mar 15, 2022 | Tax Law
If you have not paid tax on cryptocurrency profits so far, you need to start. While it has been a bit of a gray area, the IRS is determined not to miss out just because you do not keep your money in worldly assets. This year’s tax returns have a section dedicated to...
How do I appoint a guardian for my child?
On Behalf of Demetrius J. Karos, Ltd. | Mar 10, 2022 | Estate Planning
If you pass on while your child is a minor, it is natural that the surviving parent will assume the child’s parental responsibilities. However, if they are not around, or if they lack parental responsibility, then the court may appoint a guardian for your child. A...
Is it too late to admit to taxable assets?
On Behalf of Demetrius J. Karos, Ltd. | Mar 7, 2022 | Tax Law
There are many ways to keep your assets away from the IRS. Yet, doing so runs the risk that they will one day find out. If you have not told the truth about your assets to the IRS in the past, it is easy to think you are so deep in that your only option is to keep up...
What should you do if you face a tax lien?
On Behalf of Demetrius J. Karos, Ltd. | Mar 4, 2022 | Tax Controversy
A lien is a legal method for someone who is owed money to lay a claim on the property of the person that owes them. One entity that can place them is the Internal Revenue Service (IRS). A lien does not give the IRS the right to take your assets outright. Think of it...
Is it rude for your kids to ask about your estate plan?
On Behalf of Demetrius J. Karos, Ltd. | Mar 2, 2022 | Estate Planning
You might be upset if your kids ask you about your estate plan. You might feel they are jumping the gun or that it is none of their business. Yet, if they try to have a conversation with you about it, you probably should view it as them acting responsibly. An estate...