Contract work offers flexibility in your work schedule, leading to better work-life balance. It can also provide diverse experiences, higher pay and the freedom to choose projects of interest. However, 1099 workers, often called independent contractors or freelancers,...
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Tax Law
Michigan Supreme Court will rule on controversial tax cut
On Behalf of Demetrius J. Karos, Ltd. | Jun 4, 2024 | IRS, Tax Controversy, Tax Law
A three-judge panel on the Michigan Appeals Court ruled that the recently triggered income tax cut to 4.05% from 4.25% is not permanent. Last year, the reduction was triggered under a law requiring the tax rate to go down if state revenue rises significantly faster...
Is it possible to settle income tax debt instead of paying it all?
On Behalf of Demetrius J. Karos, Ltd. | Apr 29, 2024 | Tax Law
People filing their annual income tax returns often expect to receive a refund. It is common for employers to withhold more than is actually necessary to cover state and federal income tax obligations. Many people look forward to receiving their refunds and may intend...
Exploring offers in settlement for your small business
On Behalf of Demetrius J. Karos, Ltd. | Apr 2, 2024 | Tax Law
Running a small business is often a rewarding experience, but tax season can inspire a wave of stress. If your business finds itself facing a hefty tax bill you can't seem to manage, it can feel like the end of the road. Thankfully, the IRS offers a program called...
What are IRS liens and levies?
On Behalf of Demetrius J. Karos, Ltd. | Jan 5, 2024 | Tax Law
Two primary tools often come into play in IRS collections: liens and levies. These mechanisms are pivotal in the agency's approach to collecting unpaid taxes. Understanding their nuances makes it easier to navigate tax issues. Liens and levies, although terms used...
Is innocent spouse relief available in Illinois?
On Behalf of Demetrius J. Karos, Ltd. | Dec 6, 2023 | Tax Law
It is a very common practice to have one spouse manage household finances while the other simply signs the paperwork for taxes and banking. It doesn't technically take two people to file an income tax return, and dividing household work is more efficient when each...
Why might someone with tax debt propose an offer in compromise?
On Behalf of Demetrius J. Karos, Ltd. | Oct 2, 2023 | Tax Law
There are numerous reasons other than intentional fraud that someone could fall significantly behind on their federal income taxes. Perhaps they allowed their spouse to handle their tax return every year and never realized how they manipulated the figures. Maybe they...
What can you do if you owe the IRS money?
On Behalf of Demetrius J. Karos, Ltd. | May 30, 2023 | Tax Law
Owing taxes to the IRS can feel overwhelming. It can trigger stress and uncertainty, especially if the amount seems unmanageable within your current financial situation. However, the IRS offers several repayment plans designed to help taxpayers manage their tax debt...
Self-employed workers can incur major tax debts
On Behalf of Demetrius J. Karos, Ltd. | Apr 30, 2023 | Tax Law
Most people are direct-hire employees and have been classified as such ever since their first teenage jobs. They fill out a W-2 with their employer, receive their paycheck and then file a tax return each year in April to get a refund. The system works well for the...
How to regain control over past-due tax debts
On Behalf of Demetrius J. Karos, Ltd. | Feb 26, 2023 | Tax Law
When someone owes taxes to the federal government, they are at elevated risk of prosecution and incurring financial penalties. Falling behind on taxes can happen for many different reasons, including a sudden loss of income as a self-employed individual or repeated...
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