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Taxes Archives |

Taxes: Rich and Poor

The bottom 43 to 45% of taxpayers don’t pay in any money for federal income taxes. So, it is unsurprising, that most Americans pay more in payroll taxes than in income taxes. Based on the structure of the Social Security payroll tax, poor and working-class people...

Audits of tax preparer

Ever since the IRS made it possible for any Tom, Dick or Harriet to do taxes with limited training and skills.  The service was supposed to make sure that these preparers at least filed their own returns.  Guess who wasn’t doing what they were supposed to do… The...

RMD distributions in 2020

The IRS is providing welcome relief on required minimum distributions for 2020. The stimulus law enacted on March 27 waived RMDs from IRAs and workplace retirement plans for 2020. IRA and plan distributions already taken out in 2020.People have until Aug. 31 to return...

The Stimulus Check

Are you still waiting for your stimulus check from IRS? You may get a prepaid debit card. IRS previously said that it will start mailing out paper stimulus checks to eligible individuals for whom the agency does not have bank account information. It now says that some...

Long Term Capital Gains

Long-term capital gains still have favorable rates. Profits from the sale or exchange of capital assets held for over a year are generally taxed at 0%, 15% or 20%.  To be long-term the assets must be held over a year. The rates are based on set income thresholds...

Cook County Property Taxes

Cook County Assessor Fritz Kaegi has plans to reevaluate every single property in the county in the wake of the coronavirus pandemic. Typically, only a third of Cook County gets reassessed in a given year in what’s known as the triennial assessment. That’s when many...

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