Demetrius J. Karos, Ltd.
815-534-4402 800-465-6208

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.

Is it a Hobby or a Business?

Just because you call it a business does not mean that the IRS is required to agree with you. The IRS has authority to presume that an activity can be charecterized as a hobby. As a result, any losses associated with the activity could be disallowed.

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.

Make an appointment at one of our conveniently located offices today.

Demetrius J. Karos, Ltd.

Frankfort Office:
1 Old Frankfort Way
Frankfort, IL 60423-1719

Fax: 815-806-9595
Map & Directions

Naperville Office:
5th Avenue Station
200 East 5th Avenue
Suite 125
Naperville, IL 60563

Map & Directions

1 Old Frankfort Way , Frankfort, IL 60423-1719
5th Avenue Station , 200 East 5th Ave. Suite 125 , Naperville, IL 60563

Contact us by phone.

Phone: 815-534-4402 Toll Free: 800-465-6208 Fax: 815-806-9595