Wednesday, April 24, 2013
New law increases senior homestead exemption, general homestead exemption.
Wednesday, April 24
Governor Pat Quinn today signed legislation that will reduce property tax bills for seniors across Illinois. Senate Bill 1894 raises the senior homestead exemption from $4,000 to $5,000 – potentially saving seniors up to more than $200 annually. This new exemption for seniors takes effect for Cook County this year. “The new law will reduce property tax bills for seniors across Illinois,” Governor Quinn said. “This boost in savings will relieve some of the financial burden faced by seniors and working families, and help ensure no one struggles to stay in their home.” Sponsored by Senator Toi Hutchinson (D-Olympia Fields) and Representative John Bradley (D-Marion), SB 1894 increases the Senior Homestead Exemption – property tax breaks for …
Tuesday, April 23, 2013
Tax Filing and Payment Deadlines Pushed to Oct. 31, 2013.
Tuesday, April 23
Governor Pat Quinn today announced that Illinois businesses and individuals who file monthly, quarterly or annual returns and have been impacted by the flooding will have until Oct. 31 to file tax returns that were due on or after April 19. The extended deadline will provide much-needed relief for individuals and local businesses trying to file their returns or payments on time while recovering from the flood. “Families and businesses across Illinois need time to focus on rebuilding their businesses, homes and lives,” Governor Quinn said. “Once families have recovered, they can pull together the necessary paperwork to file and pay their taxes.” Taxpayers who opt to mail their deferred returns and payments should write Flood – April 2013 …
Wednesday, April 3, 2013
Still working on your taxes? Confused about IRA contribution limits? Use this "cheat sheet."
With Tax Day (April 15) right around the corner, here's a handy "cheat sheet" for IRA contribution limits Stratford Wealth Management and Green IRA.
Monday, March 25, 2013
Less Americans are getting a refund check from the IRS this year, CNNMoney reports. Some say it's a sign the economy is improving.
Only 59 percent of Americans say they’ll be receiving a refund check from the IRS this year, CNNMoney reports. An American Express survey showed the percentage of people expecting money back from the government is down from 64 percent last year. More people say they are earning more and will owe money this year, which a sign the economy is doing better, CNN reports. Will you get a refund from the IRS this year, or do you expect to pay? Take part in our poll and start a conversation about the subject in the comments section.
Monday, March 18, 2013
Attorney General Lisa Madigan warns of the high cost of refund anticipation loans.
Monday, March 18
Attorney General Lisa Madigan today alerted Illinoisans to beware of the high cost of tax-refund anticipation products as the deadline for filing annual tax returns nears. Madigan said her office is monitoring businesses that offer tax-refund anticipation loans and checks this tax season in light of a new law in Illinois initiated by her office that cracks down on the excessively high fees associated with these options. The new law, which became effective in January, prohibits tax preparers from adding unnecessary costs – or “junk fees” – for refund products. “With tax season in full swing, tax preparers are once again flooding the airwaves with ads promising you a faster refund if you buy one of their loan offerings,” Madigan said. “But…
Wednesday, March 6, 2013
GoBankingRates.com lists common errors people make while filing their taxes.
While neglecting to include all income sources on a tax return may seem insignificant to some taxpayers, doing so can easily result in trouble with the Internal Revenue Service (IRS). Go Banking Rates identifies the top five taxable income streams that Americans neglect to report. Certain gifts that reach a valuation limit must be added to tax documents. Unreported monetary gifts risk an Accuracy-Related Penalty, according to the IRS, which is equal to a fine of 20 percent of the underpayment due. Find a tax professional in Niles and Morton Grove “Gifts that you give to someone else may be taxable,” said Clay Wyatt with Go Banking Rates. “The good news is that you can give up to $13,000 worth of gifts per person, so for instance, you can…
Wednesday, January 30, 2013
Information on 2013 filing, complete with local accountant contacts.
Today is the first day you can file your annual tax return. The Internal Revenue Service has revised its opening date for tax season — pushing it back eight days from previous years. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns beginning today, Jan. 30, 2013. Most taxpayers should be able to file today, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, an H&R Block official …
Sunday, January 27, 2013
Tax season begins Jan. 30 and the filing deadline is April 15.
The IRS has pushed the start of tax filing season back to Jan. 30. Federal income taxes represent only a portion of the tax liability Americans face. There's state income taxes, local property taxes and sales tax. Not to mention fees – like renewing your vehicle registration – that really are taxes. And of course, there are the taxes we pay before we receive our pay checks: Payroll taxes that support programs such as Social Security and Medicare. Earlier this year, most Americans were spared a federal income tax rate increase when President Obama and Congress struck a deal on the fiscal cliff. The tax rate on income earned above $450,000 did rise from 35 percent to 39.6 percent. Despite the deal, most every American saw payroll taxes rise…
Friday, May 13, 2011
Down the road, Niles residents enjoy the lightest levy load of the 14 communities in annual report.
Morton Grove residents are the most heavily taxed in the northern Chicago suburbs again this year, according to a recently survey, while their neighbors in Niles enjoy the lowest tax burden. The average Morton Grove household will pay $1,719.89 this year--the most among 14 communities surveyed by the City of Park Ridge--in property and other taxes as well as fees. Morton Grove also topped last year's survey, which took into account such costs as trash pickup, auto licenses and water and sewer fees. A news report yesterday erroneously said Morton Grove did not participate in the annual survey, but the information was based on an early version of the report. Morton Grove was late getting its information in and eventually was included. Having…
Wednesday, February 16, 2011
IRS-certified volunteers are stationed at Morton Grove's Civic Center Monday, Wednesday and Friday, through April 15, to help seniors file their tax returns.
For Morton Grove seniors, this week is the first week to receive free federal and state income-tax-return assistance from volunteers through the AARP Tax-Aide program. The free service, offered annually to low- and moderate-income residents over 55, pairs taxpayers with AARP volunteers who are certified by the Internal Revenue Service. Sessions are scheduled by appointment, by calling the Morton Grove Senior Hotline at 847-470-5223. But don’t wait to sign up: The service is popular, and slots are filling up, said Department of Family and Senior Services Director Jackie Walker-O’Keefe. She noted that each year an average of 250 seniors sign up for the program, which has been available in Morton Grove for the past 20 years. Appointments are …