Category: News

Illinois Tier 2 Retirement Age Cut from 67 to 62 Are you feeling anxious about the rising retirement age in Illinois while wondering how this impacts your financial future? The recent changes to the Illinois Tier 2 pension system will allow public workers to retire five years earlier, from 67 to 62. This modification promises…

$1,000 Credit for Kids in New Savings Account – Tax Law Guide What’s the New $1,000 Child Savings Account About? Are you feeling overwhelmed by the future financial needs of your child? You’re not alone. Many parents are asking how they can set aside money today for their children’s tomorrow. In a significant shift, 2025…

$3,000 More Per Year for Retirees After Retroactive WEP/GPO Fix Are you one of the many retirees who’ve felt the sting of unfair reductions in Social Security benefits? The sudden adjustments in the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) might finally bring a sigh of relief, with an estimated $3,000 annual…

$6,000 Senior Tax Deduction Added for Filers Over Age 65 Are you a senior struggling to make ends meet with rising costs? The IRS has just introduced a significant change in its tax code that could ease some of that burden. In 2025, qualified filers over age 65 will see an added $6,000 senior tax…

Can Tipped Workers Really Count on an Extra $1,300 in 2025? For many workers in the hospitality sector, navigating tax deductions can feel like wandering through a maze blindfolded. Ever wondered how to maximize your earnings from tips? A new measure, which allows for a $1,300 tip income refund through the tipped worker deduction law,…

$40,000 Cap on SALT Deduction – Who Benefits, Who Doesn’t Are you feeling the pinch when it comes to your taxes because of the $40,000 SALT deduction cap? If you’re a homeowner living in a state with high property taxes, you might be grappling with how these deductions affect your overall tax bill. The changes…

$40,000 SALT Cap from 2025–29: Long-Term Tax Planning Alert Are you anxious about the $40,000 SALT cap period 2025–29? You’re not alone. Many homeowners are grappling with how new tax rules could impact their long-term financial strategies. The cap on state and local tax (SALT) deductions means taxpayers might find themselves in a bind come…

Could a $200 Monthly Extra Benefit for Retirees Make a Difference? As retirees navigate the complexities of fixed incomes, many are searching for ways to enhance their financial wellness. For countless seniors, any additional support can feel transformative. Have you ever considered an extra $200 a month? You might think that sounds like a small…

$200 Increase in Child Tax Credit Per Child: $16.67/Month Extra Have you ever felt overwhelmed by the complexities of tax credits, especially when it comes to raising children? You’re not alone. With the new updates for the $200 child tax credit 2025, families are hoping for some much-needed financial relief. After years of economic fluctuations,…

$10,000 Cost to Buyout Underfunded Pension Liability in Illinois Understanding the Pension Buyout Option If you’ve been following the financial health of Illinois, you might have wondered about how to tackle its substantial underfunded retirement plan. I’ve been hearing questions like: “How can I alleviate the burden of a $10,000 pension buyout?” or “Is this…