Demetrius J. Karos, Ltd. Tax Representation From A Former IRS Employee

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Tax Law Archives

Don't Forget about College Tax Benefits

Now that many parents have helped their children with settling into the college or university, parents need to be reminded that our current tax law provides tax credits for certain qualified education expenses. Here is a short summary of some of the benefits available to parents.

Should I Amend my Return?

There are many reasons to amend a tax return. Before you begin the process, speak to a professional about making changes to your prior filing. With complexities such as statutes of limitation, tax benefit rules and others, changing a return is not a simple decision.

Moving Expenses Might be Deductible

Being able to deduct moving expenses can ease some of the burden of the cost associated with the move. The rules are very specific and somewhat mechanical. Review these rules with your tax person before make the move. Also check with your employer to see if they offer some direct payment for some moving expenses. Some direct payments could be excluded from your income.

An Offer in Compromise May Lead to a Fresh Start

An offer in compromise is a great way to get a fresh start and out from under a large tax liability. The IRS does look at assets available and ability to pay in order to come to a reasonable offer amount to settle past liabilities. While this seems simple, there are nuances along the road and professional guidance is a good idea. Below are good preliminary steps to be aware of during the initial stages of the process.

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