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...
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Tax Law
What if you can’t pay your taxes this year?
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...
There is more than one way to pay back taxes to the IRS
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...
How the TCJA affected self-employment taxes
On Behalf of Demetrius J. Karos, Ltd. | Jul 17, 2019 | IRS, Tax Law
If you started a business in 2019, you probably heard that you wouldn't get many tax breaks because of the 2017 Tax Cuts and Jobs Act. While some self-employment deductions have gone away, some only temporarily, you still have others you can take advantage of when you...
Is there a tax credit for college tuition?
On Behalf of Demetrius J. Karos, Ltd. | May 23, 2019 | IRS, Tax Law
Most people would agree that going to college is expensive. Even if you, your spouse or one of your children is an Illinois resident and attends a state school, tuition represents a significant expense. Private and out-of-state tuition could reach well into the...
Ignoring tax debt could have dire financial consequences
On Behalf of Demetrius J. Karos, Ltd. | Apr 4, 2019 | IRS, Tax Controversy, Tax Law
The last thing anyone wants to see when doing their income taxes is that they owe money to the IRS. It can be tempting to just ignore the situation. After all, there is no debtor's prison in the United States. However, the IRS is not powerless when it comes to...
As the year comes to an end, you may be looking to save on taxes
On Behalf of Demetrius J. Karos, Ltd. | Oct 11, 2018 | IRS, Tax Law
It seems as though the months tend to go by faster each year. Before you know it, it's already October, and the holidays are just around the corner. Also just around the corner is the end of the year, which means that you may be running out of time to reduce your...
Various types of business taxes
On Behalf of Demetrius J. Karos, Ltd. | Aug 17, 2018 | IRS, Tax Law
Owning a business can be a satisfying experience. You may have had many goals throughout your life all leading up to the owning and operating of your company that you recently started. While you may have considered various aspects of the business from start-up costs...
Let’s look at the upcoming tax changes
On Behalf of Demetrius J. Karos, Ltd. | Jun 28, 2018 | IRS, Tax Law
Beginning on Jan. 1, 2019, many of the tax law changes passed in Dec. 2017 go into effect. Many people have heard some of what will happen, but it may still not be clear enough. This article looks at those upcoming changes, but exactly what they will mean for a...
Could an offer in compromise suit your tax debt situation?
On Behalf of Demetrius J. Karos, Ltd. | Apr 30, 2018 | Tax Law
Though the tax filing season for 2018 has come to an official close, you may still face a great deal of worry concerning your situation. You may owe a considerable amount in taxes but feel that you do not have the means to address your tax debt. Because you are...
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