On behalf of Demetrius J. Karos, Ltd. | Nov 10, 2020 | Tax Law
An audit is something most people want to avoid in any way they can. An audit can be stressful, especially if you don’t work with professional tax attorneys or accountants each year when you file. The good news is that there are steps that you can take as you work...
On behalf of Demetrius J. Karos, Ltd. | Oct 28, 2020 | Tax Law
If you’re behind on your taxes or simply cannot pay what you owe, one thing you may want to look into is making an “offer in compromise” to the IRS. Using the Internal Revenue Service’s Offer in Compromise tool, you can see if you qualify to pay less than...
On behalf of Demetrius J. Karos, Ltd. | Oct 14, 2020 | Tax Law
The difference between the wage your employer pays you and your actual take-home income can be frustrating. Many people pay 20% or more of their average weekly income in various taxes. When it is time to file your tax return, it is normal and even reasonable to want...
On behalf of Demetrius J. Karos, Ltd. | Oct 1, 2020 | Tax Law
You want to stay on top of your federal income taxes to avoid the possibility of triggering an audit. Some indications that you may want to get in touch with your tax attorney include if: Your business is growing, so your tax returns are becoming more complex Your...
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...
