Working The Puzzle From All The Angles
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...
On Behalf of Demetrius J. Karos, Ltd. | Apr 17, 2023 | Estate Planning
The importance of regularly updating your estate plans cannot be understated. You never know when they will come into play, and you do not want to have a situation where your estate plans do not reflect your current wishes. Reviewing your estate plans every couple of...
On Behalf of Demetrius J. Karos, Ltd. | Mar 30, 2023 | IRS
Tax issues are one of the most complicated subjects to deal with. Thus, it can be concerning when the Internal Revenue Service (IRS) wants to audit you. Here is what you should do after the IRS notifies you of an audit. Understand the reason for the audit The IRS can...
On Behalf of Demetrius J. Karos, Ltd. | Mar 25, 2023 | IRS
The most straightforward ways to avoid tax-related controversy and accusations of tax evasion involve having your taxes prepared by a knowledgeable professional and filing your return on time. Of course, this is certainly easier said than done. Even when a...
On Behalf of Demetrius J. Karos, Ltd. | Mar 6, 2023 | IRS
Accounting for digital assets or income on a tax return is still new to the Internal Revenue Service (IRS). The current laws regarding digital property with material value are somewhat lax, but you must still report these assets to the IRS. Taxpayers must answer a...
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...
On Behalf of Demetrius J. Karos, Ltd. | Feb 22, 2023 | Tax Evasion
During a presidential debate against then-opponent Hillary Clinton, former president Donald Trump famously observed that not paying his full tax liability “makes me smart.” There are certainly times when not paying one’s full tax liability is a savvy approach to...
On Behalf of Demetrius J. Karos, Ltd. | Feb 4, 2023 | Estate Planning
Estate planning is the preparation for the distribution of your estate in anticipation of your passing. An estate plan is made during the testator's life. Typically, an estate plan includes a will, trust, beneficiaries, executor of the estate and power of attorney....
On Behalf of Demetrius J. Karos, Ltd. | Jan 18, 2023 | IRS
You may have heard people talking about how the IRS is expanding due to new funding that they received. They are going to hire around 19,000 new workers over the course of 2023, these reports continue, which is roughly the same amount of people who are hired in 2022....
On Behalf of Demetrius J. Karos, Ltd. | Jan 9, 2023 | Estate Planning
A last will is a crucial legal document that lets you distribute your assets to the people and causes you care about when you die. Without one, Illinois intestacy laws would dictate who gets what, and you might not like this. However, you cannot include everything in...
