On behalf of Demetrius J. Karos, Ltd. | Sep 15, 2020 | Tax Law
Whether you run a business or have complicated investments, it’s normal to worry about the possibility of a tax audit — and the potential consequences. Tax laws have grown increasingly complex over the years, so the chances that you’ve made a mistake somewhere...
On behalf of Demetrius J. Karos, Ltd. | Sep 14, 2020 | Tax Law
Some people refer to estate taxes as death taxes. While it is true that these taxes occur after someone dies, what the government taxes isn’t the act of dying so much as it is the transfer of assets that someone leaves behind to their loved ones. Once your total...
On behalf of Demetrius J. Karos, Ltd. | Jun 18, 2020 | Tax Law
When you received a notice that you were going to be audited, you were concerned. While you had filed your taxes in the past several years, you did them yourself. You know that there could be errors to worry about. If an audit has you worried, it may be time to talk...
On behalf of Demetrius J. Karos, Ltd. | May 22, 2020 | Tax Law
Finally filing your tax return can take a major weight off your shoulders. It can be very stressful to go over your annual income and try to minimize your tax liability. For most people, once they drop the envelope with their return in the mail or hit the e-file...
On behalf of Demetrius J. Karos, Ltd. | May 14, 2020 | Tax Law
After your wedding, you and your spouse integrate your lives. Your house, your finances and most other aspects of your life will wind up intermingled and shared. Most of the time, this situation benefits both parties. You can rely on your spouse to provide income if...
On behalf of Demetrius J. Karos, Ltd. | May 5, 2020 | Tax Law
In Illinois, intending to evade taxes is a Class 3 felony if you owe $300 or more. That’s important to know because the last thing you want to face is a felony charge for your taxes. Tax fraud and tax evasion are serious crimes to be accused of. The Internal Revenue...
On behalf of Demetrius J. Karos, Ltd. | Apr 17, 2020 | Tax Law
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and...
On behalf of Demetrius J. Karos, Ltd. | Apr 8, 2020 | Tax Law
For some, taxes are fairly straightforward. They have been working for a company, getting an hourly wage. They have just one source of income. They’re young and single, and their taxes get taken out of each paycheck before they get it. All they have to do is report...
On behalf of Demetrius J. Karos, Ltd. | Mar 23, 2020 | Tax Law
Traditionally, April 15 is tax day. Prior to the rise of digital filings, the post office would often have long lines on the 15th or the next business day if the 15th fell on a weekend. The Internal Revenue Service (IRS) expects that all Americans file an annual...
On behalf of Demetrius J. Karos, Ltd. | Mar 3, 2020 | Tax Law
Tax season produces a lot of anxiety for small business owners and freelancers alike. You know that, unless you managed to guess your profits very closely, the odds are high that you owe the taxman a pretty big check. What if you can’t pay? First: Don’t panic. You...
On behalf of Demetrius J. Karos, Ltd. | Feb 10, 2020 | Tax Law
The stress alone of owing back taxes to the IRS is enough to drive you crazy. When you add in the fact that you have to eventually pay your balance, it’s difficult to imagine a way out. However, even if you don’t have the money to pay your balance in full, there are...
On behalf of Demetrius J. Karos, Ltd. | Sep 28, 2017 | Tax Law
Now that many parents have helped their children with settling into the college or university, parents need to be reminded that our current tax law provides tax credits for certain qualified education expenses. Here is a short summary of some of the benefits available...
On behalf of Demetrius J. Karos, Ltd. | Aug 25, 2017 | Tax Law
If you are getting divorced, be proactive and ask about how this life changing event can affect your income tax filing and taxes. It is never a good thing to be surprised with a large balance due on April 15. Divorce or Separation May Affect TaxesTaxpayers who are...
