Working The Puzzle From All The Angles
On Behalf of Demetrius J. Karos, Ltd. | Aug 30, 2022 | Tax Law
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...
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....
On Behalf of Demetrius J. Karos, Ltd. | Jul 16, 2022 | Estate Planning
In the 21st century, most Americans spend significant periods of time using digital technology. We have incorporated it into our work and personal lives. This means that you may have valuable digital assets that need your protection. You know estate planning allows...
On Behalf of Demetrius J. Karos, Ltd. | Jul 1, 2022 | Tax Evasion
If you travel frequently or do business abroad, it may be convenient to have a bank account in a foreign country. However, you should comply with IRS tax requirements when reporting on such accounts, or it could land you in trouble. The IRS definition of a foreign...
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...
On Behalf of Demetrius J. Karos, Ltd. | Jun 19, 2022 | Estate Planning
An important goal for many Illinoisans as they develop their estate plan is preserving as much of their wealth as possible for future generations. That means minimizing or eliminating estate taxes. Federal estate taxes are levied on the amount of an estate that...
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...
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...
On Behalf of Demetrius J. Karos, Ltd. | May 9, 2022 | Estate Planning
Estate planning can bring numerous benefits to family members. It can ensure that those who you treasure most live in financial security should something happen to you. You can also make plans for your children in terms of who will look after them. Despite the...
On Behalf of Demetrius J. Karos, Ltd. | Apr 22, 2022 | Tax Evasion
Tax evasion is a serious crime to be accused of, but you should know that most people won’t be unless they have willfully attempted to avoid paying tax. Tax evasion happens only when someone or a business takes steps to illegally avoid paying the tax that they owe....
