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...
On behalf of Demetrius J. Karos, Ltd. | Aug 23, 2017 | Tax Law
There are many reasons to amend a tax return. Before you begin the process, speak to a professional about making changes to your prior filing. With complexities such as statutes of limitation, tax benefit rules and others, changing a return is not a simple...
On behalf of Demetrius J. Karos, Ltd. | Aug 16, 2017 | Tax Law
Being able to deduct moving expenses can ease some of the burden of the cost associated with the move. The rules are very specific and somewhat mechanical. Review these rules with your tax person before make the move. Also check with your employer to see if they offer...
On behalf of Demetrius J. Karos, Ltd. | May 3, 2017 | Tax Law
Just because you call it a business does not mean that the IRS is required to agree with you. The IRS has authority to presume that an activity can be charecterized as a hobby. As a result, any losses associated with the activity could be disallowed.Below are some...
On behalf of Demetrius J. Karos, Ltd. | May 2, 2017 | Tax Law
Many employers simply do not want employees. There are numerous reasons or justifications for the classification but the question is whether it is correct or justified. There are legal consequences either way.Below is guidance on the appropriate classification....
