The shift to remote work has changed life dramatically for a lot of people. While there are still plenty of jobs that have to be done in person, many jobs that are done on computers can be handled anywhere. A company could be based in Illinois and hire workers from...
What can I expect during an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | Oct 13, 2022 | Tax Law
No one wants to receive a letter from the IRS, but unfortunately, it happens to many people yearly. If you're one of the unlucky few who gets that letter, the prospect of an IRS audit is not pleasant. However, if you know what to expect during an audit, you can make...
What is injured spouse relief?
On Behalf of Demetrius J. Karos, Ltd. | Sep 13, 2022 | Tax Law
Most married couples file joint income tax returns. There are often significant financial advantages to doing so. Moreover, it usually just makes sense and saves time. However, sometimes one person’s individual issues can negatively affect their spouse. When that...
Why make quarterly tax payments for your business?
On Behalf of Demetrius J. Karos, Ltd. | Aug 30, 2022 | Tax Law
As a business owner, you have probably heard of the term "estimated quarterly tax payments." Depending on the type of business you own and how much money you make, you may be required to do this. Not only is this the law, but it's also to your benefit. Here's what...
If you win the lottery, do you have to pay taxes?
On Behalf of Demetrius J. Karos, Ltd. | Jul 29, 2022 | Tax Law
The lottery recently crossed $1 billion, so many people are buying tickets who wouldn’t have otherwise. It’s going to be one of the biggest drawings of all time. That said, most people choose to get the cash option rather than taking payments if they win the lottery....
Do you have to report cash tips to the IRS?
On Behalf of Demetrius J. Karos, Ltd. | Jun 24, 2022 | Tax Law
If there is one thing that you always need to remember, it’s that the Internal Revenue Service will try to get every penny that it is due. While there are times when it will give people payment plans or help with installments, the reality is that failing to pay taxes...
Do you have to pay the full amount of taxes that you owe?
On Behalf of Demetrius J. Karos, Ltd. | Jun 3, 2022 | Tax Law
If you find out that you're behind on taxes, you may be unable to come up with a way to pay. You're not doing this maliciously. There was no intent to commit fraud or to get out of paying your taxes. You just honestly cannot pay the back taxes that are due. Is it...
Do you need to claim freelance income on your taxes?
On Behalf of Demetrius J. Karos, Ltd. | May 19, 2022 | Tax Law
If you've been working a side hustle, you may be wondering if you need to claim that income on your taxes. It can be confusing to determine what is and isn't taxable, and many people choose not to report their freelance income out of fear of being audited. What does...
Dealing with a deceased person’s final income tax returns
On Behalf of Demetrius J. Karos, Ltd. | Apr 20, 2022 | Tax Law
The old “nothing is certain but death and taxes” quote attributed to Ben Franklin likely crossed your mind when you learned that as an executor of the estate of someone who recently died, you need to file at least one final income tax return on their behalf. If you...
Tax mistakes are common (and not the same as fraud)
On Behalf of Demetrius J. Karos, Ltd. | Mar 23, 2022 | Tax Law
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...
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