As a business owner, you have probably heard of the term "estimated quarterly tax payments." Depending on the type of business you own and how much money you make, you may be required to do this. Not only is this the law, but it's also to your benefit. Here's what...
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Tax Law
If you win the lottery, do you have to pay taxes?
On Behalf of Demetrius J. Karos, Ltd. | Jul 29, 2022 | Tax Law
The lottery recently crossed $1 billion, so many people are buying tickets who wouldn’t have otherwise. It’s going to be one of the biggest drawings of all time. That said, most people choose to get the cash option rather than taking payments if they win the lottery....
Do you have to report cash tips to the IRS?
On Behalf of Demetrius J. Karos, Ltd. | Jun 24, 2022 | Tax Law
If there is one thing that you always need to remember, it’s that the Internal Revenue Service will try to get every penny that it is due. While there are times when it will give people payment plans or help with installments, the reality is that failing to pay taxes...
Do you have to pay the full amount of taxes that you owe?
On Behalf of Demetrius J. Karos, Ltd. | Jun 3, 2022 | Tax Law
If you find out that you're behind on taxes, you may be unable to come up with a way to pay. You're not doing this maliciously. There was no intent to commit fraud or to get out of paying your taxes. You just honestly cannot pay the back taxes that are due. Is it...
Do you need to claim freelance income on your taxes?
On Behalf of Demetrius J. Karos, Ltd. | May 19, 2022 | Tax Law
If you've been working a side hustle, you may be wondering if you need to claim that income on your taxes. It can be confusing to determine what is and isn't taxable, and many people choose not to report their freelance income out of fear of being audited. What does...
Dealing with a deceased person’s final income tax returns
On Behalf of Demetrius J. Karos, Ltd. | Apr 20, 2022 | Tax Law
The old “nothing is certain but death and taxes” quote attributed to Ben Franklin likely crossed your mind when you learned that as an executor of the estate of someone who recently died, you need to file at least one final income tax return on their behalf. If you...
Tax mistakes are common (and not the same as fraud)
On Behalf of Demetrius J. Karos, Ltd. | Mar 23, 2022 | Tax Law
When people do their own taxes, mistakes are very common. You're likely worried about making errors when you're filling out the forms, and you should attempt to do them as well as you can, but it's also important to know that you're not alone if you feel like you may...
Is cryptocurrency taxable?
On Behalf of Demetrius J. Karos, Ltd. | Mar 15, 2022 | Tax Law
If you have not paid tax on cryptocurrency profits so far, you need to start. While it has been a bit of a gray area, the IRS is determined not to miss out just because you do not keep your money in worldly assets. This year’s tax returns have a section dedicated to...
Is it too late to admit to taxable assets?
On Behalf of Demetrius J. Karos, Ltd. | Mar 7, 2022 | Tax Law
There are many ways to keep your assets away from the IRS. Yet, doing so runs the risk that they will one day find out. If you have not told the truth about your assets to the IRS in the past, it is easy to think you are so deep in that your only option is to keep up...
How can you settle your tax bill for less?
On Behalf of Demetrius J. Karos, Ltd. | Feb 28, 2022 | Tax Law
When the IRS informs you that you owe them money, ignoring them is not an option. Yet, as these can often be large sums, you may not have the means to pay your bill. If business has been down lately, you might feel that you will never be able to pay it. Yet, it will...