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....
On behalf of Demetrius J. Karos, Ltd. | Apr 28, 2017 | Tax Law
An offer in compromise is a great way to get a fresh start and out from under a large tax liability. The IRS does look at assets available and ability to pay in order to come to a reasonable offer amount to settle past liabilities. While this seems simple, there...
On behalf of Demetrius J. Karos, Ltd. | Feb 15, 2017 | Tax Law
Being self employed has many advantages. Freedom, income potential, controlling one’s destiny are a few. Remember that while some of those advantages also come with additional responsibility.To keep you on the right track, the following are some reminders for...
On behalf of Demetrius J. Karos, Ltd. | Feb 8, 2017 | Tax Law
Your children are worth an enormous amount to you. They are also worth money on your tax return in the form of a Child Tax Credit. Here is some guidance about the credit. Five Things to Know About the Child Tax CreditThe Child Tax Credit is a tax credit that may save...
On behalf of Demetrius J. Karos, Ltd. | Feb 1, 2017 | Tax Law
Choosing the correct filing status is important. The correct status might save you money and could eliminate the IRS coming back and challenging the status on a previous tax filing.Here is a brief synopsis of the each filing status: Choosing the Correct Filing...
On behalf of Demetrius J. Karos, Ltd. | Feb 1, 2017 | Tax Law
It is alway a good idea to review your exemptions and whom you support. This could be the situation in a divorce, elderly parents or the care for a another person’s child. Here is a good review of some of the dependency requirements. How Exemptions and...
On behalf of Demetrius J. Karos, Ltd. | Jan 26, 2017 | Tax Law
The Government owes you money. Why not get your money now so you can decide on how to spend it.Here are a few tips to put your refund in your account quicker and in a safe manner: Five Reasons to Choose Direct DepositEasy, safe and fast – that’s...
