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

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Posts tagged "income"

Divorce and your Marital Settlement Agreement

Divorce changes everything. Not only will your living situation change, assets you own, but the tax treatment of monies you pay or receive from your ex-spouse. Don't wait till tax time to find out about your Agreement with your ex. Surprises are rarely good.

Tax Tips for Students with Summer Jobs

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 be an unpleasant surprise on April 15.

Debt Cancellation is Not Tax Free

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 few narrow exceptions but failure to report this type of income could cause major havoc a few years later.

Are My Unemployment Benefits Taxable?

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 the taxability of the unemployment benefits.

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