It is a very common practice to have one spouse manage household finances while the other simply signs the paperwork for taxes and banking. It doesn't technically take two people to file an income tax return, and dividing household work is more efficient when each...
Working The Puzzle From All The Angles
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Year: 2023
3 factors that increase someone’s risk of an audit
On Behalf of Demetrius J. Karos, Ltd. | Nov 2, 2023 | IRS
Undergoing a tax audit is one of the most stressful “everyday” experiences a person could ever endure. Knowing that the Internal Revenue Service (IRS) takes issue with one's tax return and that there are possible financial or criminal consequences possible is not an...
3 issues that can complicate an Illinois real estate closing
On Behalf of Demetrius J. Karos, Ltd. | Oct 16, 2023 | Uncategorized
It takes weeks or more for those buying a home in Illinois to go from an initial offer to the closing table. There are many steps that each party involved in the transaction will need to complete during those weeks. Unfortunately, no matter how excited people are to...
3 money moves that could be tax evasion, not tax avoidance
On Behalf of Demetrius J. Karos, Ltd. | Oct 9, 2023 | Tax Evasion
Paying income taxes is a necessity for anyone earning a living in the United States. Most people do their best to minimize how much they need to pay in taxes. Certain tactics, like making charitable contributions right before the end of the year, can diminish...
3 essential steps involved in residential real estate closings
On Behalf of Demetrius J. Karos, Ltd. | Oct 5, 2023 | Uncategorized
If you’re looking to buy or sell a home, you’ve probably heard the term real estate closing. What exactly does this process entail? Familiarizing yourself with the essential steps in residential real estate closings can help to ensure that you don’t skip any crucial...
Why might someone with tax debt propose an offer in compromise?
On Behalf of Demetrius J. Karos, Ltd. | Oct 2, 2023 | Tax Law
There are numerous reasons other than intentional fraud that someone could fall significantly behind on their federal income taxes. Perhaps they allowed their spouse to handle their tax return every year and never realized how they manipulated the figures. Maybe they...
Should you tell your family about your estate plan?
On Behalf of Demetrius J. Karos, Ltd. | Jun 26, 2023 | Estate Planning
Estate planning can be private business that you manage on your own. You are the only one who is in charge of what is included in your plan. You get to make the decisions about what to do with your assets and how to pass them on to the next generation. You can also...
How do I protect my will from disputes?
On Behalf of Demetrius J. Karos, Ltd. | Jun 22, 2023 | Estate Planning
When you have worked hard your entire life and amassed some wealth, it is only sensible that you protect it in the event of incapacitation or death. And one of the most sensible estate planning tools you can use to protect your wealth is your will. But, a will can...
Are you in trouble if the IRS wants to audit you?
On Behalf of [email protected] | Jun 14, 2023 | IRS
Receiving a notice from the Internal Revenue Service (IRS) about an audit is not the most calming situation. Tax issues carry significant consequences, which you may have seen from your loved ones or celebrities. However, an IRS audit does not always mean you are in...
What can you do if you owe the IRS money?
On Behalf of Demetrius J. Karos, Ltd. | May 30, 2023 | Tax Law
Owing taxes to the IRS can feel overwhelming. It can trigger stress and uncertainty, especially if the amount seems unmanageable within your current financial situation. However, the IRS offers several repayment plans designed to help taxpayers manage their tax debt...