Karos Law’s Blog

Summer time rolls around and students start working their summer jobs. For some students, this may be their first time job or may be something different from their previous employment. This is a good time to review some basics about tax issues that may arise now and...

Everyone knows that an adoption can be very expensive. In order to facilitate more adoptions, the government provides a tax credit to help ease part of the cost of an adoption.Here is a brief summary of some important points on taking the adoption credit. Top Ten...

Being self employed requires keeping track of one's business expenses  as well as tracking and paying Federal and State taxes due. Here are a few simple tips to keep in mind when preparing your income taxes. Are You Self Employed? Check Out These IRS Tax TipsMany...

A Bank might be forgiving but the IRS is not. When a debt is forgiven or lowered, there might be a reportable income event with such forgiveness. Our US tax system treats this as income required to be reported in the year the debt was forgiven or modified. There are a...

Your unemployment benefits may not be much but you can be assured that they are subject to income tax. Many elect to have no withholding on the unemployment benefits. Don't be surprised if your refund is small or there is a balance due. Here are a few tips regarding...

Credits are the good guys of the tax code. Think of the IRS giving you money for a particular set of circumstances. If you are legally entitled to a credit, you want to take the credit. Here are some common instances of credits that are available to a taxpayer. IRS to...

Determining your filing status seems like a simple task. There are times when slight changes in your circumstances may require you to evaluate whether you have the correct filing status. Many facts can change your filing status such as divorce, marriage, death of a...

For many taxpayers, a good tax preparation software is all one needs. No complexity or issues. However, if you are unsure or have issues that above and beyond your knowledge, it is best to rely on a professional. Remember that the responsibility for the return is...

Thought you knew everything about exemptions and dependents? Here are several tidbits about exemptions and dependents that could save you money this tax season. Top 10 Tax Facts about Exemptions and DependentsNearly everyone can claim an exemption on their tax return....

The Affordable Care Act created additional reporting requirements for taxpayers. For some the reporting will be easy. For many others, it will be challenging. If you fall into that challenging category, do not delay in your tax filing. The additional time will be...