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...
Working The Puzzle From All The Angles
- Home • Category: "IRS" (Page 2)
IRS
International accounts don’t protect you from taxes
On Behalf of Demetrius J. Karos, Ltd. | Dec 24, 2020 | IRS
For decades, offshore banking has been synonymous with tax avoidance, if not outright tax evasion, by wealthy people and corporations. People with significant resources may have funneled them into accounts held in countries that did not report those accounts to the...
What’s the difference between a lien and a levy?
| Aug 31, 2020 | IRS
People who owe money to the Internal Revenue Service (IRS) will often try to get it paid as quickly as possible. Most individuals know how serious the consequences are if you don’t pay and just ignore the IRS. This is a ruthless agency that’s going to do anything...
The American tax system: A complex, complicated program
On Behalf of Demetrius J. Karos, Ltd. | Aug 20, 2020 | IRS, Tax Law
If there is one thing that is clear, it’s that the American tax system is complex. It’s complicated to do your own taxes, and even those who train to do your taxes could find some trouble when working on them. In the U.S., the government requires you to figure out...
Not paying the IRS can lead to hash actions
On Behalf of Demetrius J. Karos, Ltd. | Aug 5, 2020 | IRS
The Internal Revenue Service is one of the most aggressive creditors that some individuals will face. This is because the government entity has very harsh penalties that it can use for individuals who don’t pay their income taxes as they should. The easiest way to...
Do you owe money to the IRS? You have options
On Behalf of Demetrius J. Karos, Ltd. | Jul 15, 2020 | IRS
No one wants to learn that they owe money to the IRS, but this could become your reality at some point in the future. If it does, the first thing you should do is keep calm. This isn’t a time to panic, as there are options available to you. Once you come to grips with...
Your budget is stretched thin and you can’t pay your taxes
On Behalf of Demetrius J. Karos, Ltd. | Sep 12, 2019 | IRS
Most people would agree that owing the IRS money is not a position you want to be in. If it does happen, odds are that you may not have the funds readily available to pay what you owe. If you are like other people across the country, including many here in Illinois,...
Taking, paying in cash not illegal per se, but risky
On Behalf of Demetrius J. Karos, Ltd. | Aug 16, 2019 | IRS
Contrary to popular perception, it is not illegal to pay an employee in cash per se.However, it is a risky move for a number of reasons. The big issue with so-called under the table, that is, cash, payments is that it is quite easy to fall short in one's legal...
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...
Is there a tax credit for college tuition?
On Behalf of Demetrius J. Karos, Ltd. | May 23, 2019 | IRS, Tax Law
Most people would agree that going to college is expensive. Even if you, your spouse or one of your children is an Illinois resident and attends a state school, tuition represents a significant expense. Private and out-of-state tuition could reach well into the...