Qualified Charitable Distributions

If you want to help others and would like to get a tax break along with it, a Qualified Charitable Distribution (QCD) may be exactly what you are looking for. Ordinarily, all deductible contributions to a traditional IRA, plus earnings, are subject to federal income tax when they are later distributed. However, if the IRA owner meets certain requirements (see below), he or she may be able to transfer funds directly from the IRA to a

Is Paying your Property Tax Bill a Hardship?

Senior Citizens having trouble paying real estate taxes can apply for the Senior Citizen Tax Deferral Program. This program allows qualified Illinois residents to defer up to $5000 of the property taxes on their personal residence, giving seniors the financial freedom to remain in their own home. Deferred taxes are repaid with low interest when the property is sold or following the taxpayer’s death. Qualifications: Be 65 or older by June 1st, 2018 Annual household