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...
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Tax Law
Have you reserved enough money to pay taxes on your NFT sales?
On Behalf of Demetrius J. Karos, Ltd. | Feb 25, 2022 | Tax Law
The economy constantly changes and evolves, so tax laws need to change frequently, too. Assets and transactions once overlooked by the Internal Revenue Service (IRS) because they were so niche have now become major players in the modern income tax system. For example,...
Will inflation lead to unexpected tax bills for many Americans?
On Behalf of Demetrius J. Karos, Ltd. | Nov 14, 2021 | Tax Law
The world has faced a number of struggles in recent years. Among them, the global supply chain and economy have been increasingly prone to problems. Inflation is being felt in nearly every industry, and consumers are struggling with the costs of everything from...
3 tax mistakes that could lead to criminal charges or an audit
On Behalf of Demetrius J. Karos, Ltd. | Oct 26, 2021 | Tax Law
Whether you file your own taxes or run a small business, you want to pay as little as possible in income tax every year. Unfortunately, eagerness to reduce your tax liabilities could lead to you making big mistakes in how you prepare your tax return. The wrong kinds...
When must you file a tax return in multiple states?
On Behalf of Demetrius J. Karos, Ltd. | Sep 22, 2021 | Tax Law
It's not uncommon for people to move for a job, for a change of scenery after a divorce or to launch a business in a prime market. If you recently relocated from one of the nine states that don't impose a state income tax, then you might not realize that you must pay...
Small businesses: 4 advantages of using payroll services
On Behalf of Demetrius J. Karos, Ltd. | Aug 25, 2021 | Tax Law
Payroll services are multifaceted, meaning that they can perform numerous tasks based on the needs of the business. Therefore, it is important to identify how utilizing payroll services could benefit your business. Payroll services can save you money At times,...
Will inheriting a property leave you with tax issues?
On Behalf of Demetrius J. Karos, Ltd. | Aug 25, 2021 | Tax Law
After losing a loved one, you may stand to inherit property from their estate. If you do, remember that you may end up facing taxes if you sell that property. Those taxes are called capital gains taxes, and they can be complex. Capital gains taxes are paid on the...
How do you file an amended tax return?
On Behalf of Demetrius J. Karos, Ltd. | Aug 11, 2021 | Tax Law
When you file your tax return, both you and the professional you hire to prepare the return have to sign the document certifying that it is correct to the best of your knowledge. However, mistakes do happen. Whether you filled out your tax paperwork on your own or...
What are some legitimate deductions you can take when you’re self-employed?
On Behalf of Demetrius J. Karos, Ltd. | Jul 2, 2021 | Tax Law
There are various benefits to being self-employed. You can call the shots, including setting your schedule and not having a cap on your wages. However, you don’t have an employer taking deductions from your paycheck. You have to keep track of your tax obligations...
When do you need to claim your bitcoin on your taxes?
On Behalf of Demetrius J. Karos, Ltd. | Apr 6, 2021 | Tax Law
Bitcoin has been around for more than a decade, but it recently rose to prominence a few years ago when the price started to surge. All of a sudden, it went from a niche concept backed by some people online to a potentially mainstream investment. Although the market...