Beginning on Jan. 1, 2019, many of the tax law changes passed in Dec. 2017 go into effect. Many people have heard some of what will happen, but it may still not be clear enough. This article looks at those upcoming changes, but exactly what they will mean for a...
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What is an audit?
On Behalf of Demetrius J. Karos, Ltd. | Mar 2, 2018 | IRS
Every year around this time Illinois residents begin scraping together their W-2s, donation receipts and other tax documentation so that they can submit their state and federal tax returns. Most of the time this is a boring and somewhat straightforward process,...
Bitcoin gains or losses? How to account for them on your taxes
On Behalf of Demetrius J. Karos, Ltd. | Jan 29, 2018 | IRS
The IRS has stated that, for federal tax purposes, virtual currency or cryptocurrency investments are treated as property, with general tax principles applying. For people in the business of trading or mining these virtual currencies, any gains will be treated as...
Do I have to pay income taxes on the sale of my home?
On Behalf of Demetrius J. Karos, Ltd. | Jul 31, 2015 | IRS, Tax Law
In most cases, there may be no additional income tax when a taxpayer sells their personal residence. However, there are a number of issues that surround the typical sale of the home that may require you to contact your tax professional for clarification. Here are a...