Category Archives: Income Taxes

Giving Seniors a Break on Taxes

Illinois taxpayers get a bit of property tax relief through a credit off their income taxes equal to 5% of the taxes paid on their principal residences. For instance, taxpayers paying $5,000 in property taxes will get a credit against … Continue reading

Posted in Income Taxes, Property Taxes | Tagged , | Leave a comment

Taxing Retirement Income: Adding a Second Story to a House with a Crumbling Foundation

The Chicago Tribune recently reported (behind its paywall): “[Republican Senate Leader Christine]Radogno said lawmakers likely will consider hiking the state income tax or taxing retirement income, rather than increasing the state sales tax or instituting a tax on services.” If … Continue reading

Posted in Income Taxes | Tagged | 2 Comments