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Saturday Morning Extra: Goldstone Financial Group - Could You Be Paying Even More Taxes?

Saturday Morning Extra: Goldstone Financial Group - Could You Be Paying Even More Taxes?
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OAKBROOK TERRACE, Ill. (WLS) Anthony Pellegrino is a fiduciary financial advisor and is founder of Goldstone Financial Group, which is a Registered Investment Advisor (RIA).
Goldstone focuses on building a holistic investment plan which includes: Investment Planning, Income Planning, Tax Planning, Healthcare Planning and Estate Planning.
Learn how you could reduce, or eliminate, your taxes in retirement with a Retirement Tax Analysis from Goldstone Financial Group. If you ve saved more than $250,000 for retirement. Your window of opportunity to save on taxes in retirement is closing soon. ....

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Capitol Recap: Governor's budget focuses on corporate tax changes

In case you missed it this week: Gov. J.B. Pritzker s budget proposal, Michael Madigan s resignation, new teaching standards, winter storm news, COVID vaccine updates and more. ....

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Illinois budget 2021 battle brewing ahead of Governor JB Pritzker's address

House Republicans put the governor on notice that this year needs greater transparency in the process.
Pritzker had been counting on increased revenue from the graduated income tax to make up for revenue shortfalls, but voters rejected that tax change in November, thus forcing a change of plans.
We re in a really tough spot, said Professor David Merriman, UIC Department of Public Administration. The only way to balance the budget is either to increase revenues or cut spending, and both of those paths are going to be very difficult to do.
Last week, Gov. Pritzker released his budget overview with a warning: We re going to have to make some painful cuts in state government in order to balance the budget. ....

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Unemployment tax relief bill introduced in Congress by Illinois lawmakers Durbin, Duckworth, Foster

WASHINGTON (WLS) Illinois Senators Dick Durbin and Tammy Duckworth and Congressional Representative Bill Foster introduced legislation to provide tax relief for anyone who used unemployment benefits last year.
Called the Coronavirus Unemployment Benefits Tax Relief Act, the bill would waive federal income taxes on the first $10,200 of unemployment benefits collected in 2020. That relief is applicable for workers who received benefits through the Pandemic Unemployment Assistance (PUA) program and the Pandemic Emergency Unemployment Compensation (PEUC) program, as well as anyone who received traditional unemployment benefits through their state unemployment insurance fund.
The CARES Act, passed in March 2020, provided an extra $600 a week in unemployment benefits through the end of July. The relief provided in the bill would cover 17 weeks of that enhanced benefit. ....

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Illinois unemployment: If you got a 1099-G tax form from IDES without filing for benefits, you may be victim of fraud

CHICAGO (WLS) The Illinois Department of Employment Security said it has caught or stopped nearly 1 million fraud cases since March 2020.
Now they re warning that if you receive a 1099-G form but didn t file for Illinois unemployment benefits, you may be a victim of fraud.
The 1099 G form is filled out when filing your taxes if you ve gotten money from a government agency like IDES.
These forms are an indication of what income the department has had to report to the IRS, explained the Acting Director of IDES, Kristin Richards.
Richards said people could also get this form if they have been a victim of the unemployment scam, where a fraudster filed for benefits in your name. If you receive it and you didn t file for unemployment, you need to report the fraud. ....

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