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(Regina Shanklin / Pixabay)

Several aldermen on Friday urged Chicago’s chief financial officer to dip into the city’s $900 million savings account to wipe out the massive budget shortfall caused by the coronavirus pandemic.

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(Jürgen Polle / Pixabay)

Chicago’s chief financial officer warned aldermen Monday that taxing big firms and financial transactions would not help dig the city out of a massive budget hole caused by the coronavirus pandemic.

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A billboard in Chicago promotes voting in favor of the so-called fair tax in the November election. (WTTW News)

In the November election, Illinoisans will be asked whether or not to change the state’s income tax system to a graduated tax — but there’s still a lot of confusion about the proposal.

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(Steve Buissinne / Pixabay)

Tuesday marks the beginning of a payroll tax holiday — but don’t get too attached to the extra cash. It’s due back in April. Here’s what you need to know.

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(Ken Teegardin / Flickr)

The growing share of city property taxes sent to tax increment finance districts is sure to fuel the argument over whether the districts actually spur redevelopment and eradicate blight or exacerbate growing inequality in Chicago.

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In this Feb. 5, 2020, file photo, a W-4 form is viewed in New York. (AP Photo / Patrick Sison, File)

As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. Taxpayers must file or seek an extension by the new deadline or face a penalty. 

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(WTTW News)

Cook County Board President Toni Preckwinkle backed an effort Wednesday to give property owners a bit of financial “breathing room” by waiving late fees on second-half property tax bills due Aug. 3.

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Illinois Gov. J.B. Pritzker announces a shelter-in-place rule to combat the spread of the Covid-19 virus, during a news conference Friday, March 20, 2020, in Chicago. (AP Photo / Charles Rex Arbogast)

In a move aimed at softening the economic impact of the novel coronavirus, Illinoisans will have an additional three months to file their state taxes. Gov. J.B. Pritzker made the announcement as the state reported it’s largest single-day jump in COVID-19 cases.

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This July 24, 2018, file photo shows a portion of the 1040 U.S. Individual Income Tax Return form. The Trump administration is working on plans to delay the April 15 federal tax deadline for most individual taxpayers as well as small businesses. (AP Photo / Mark Lennihan, File)

The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic. 

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Gov. J.B. Pritzker speaks with Amanda Vinicky of “Chicago Tonight” on Friday, Jan. 10, 2020. (WTTW News)

Supporters argue a new tax structure proposed by Gov. J.B. Pritzker will even the playing field between the wealthy and everyone else. But opponents say it could drive more residents and businesses out of Illinois.

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Illinois Gov. J.B. Pritzker delivers his budget address in Springfield on Wednesday, Feb. 19, 2020. (WTTW News)

With the acknowledgement that “our choices remain hard, our fiscal situation challenging,” Illinois Gov. J.B. Pritzker on Wednesday delivered his proposal for a $42 billion state spending plan for the coming fiscal year.

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(Photo by Add Weed / Unsplash)

Come summer, people buying cannabis in Chicago will pay 6% in local pot taxes, in addition to the state tax on pot, which ranges from 10% to 25%, depending on the potency of the product being purchased.

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(Stephen M. Scott / Flickr)

A bipartisan task force was established last spring to tackle the issue of the state’s high property taxes. But that task force is now being attacked by Republicans, who say their ideas and contributions have been ignored. Is that the case?

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(stevepb / Pixabay)

With Christmas behind us, it’s beginning to look a lot like tax season. We get year-end tips from David Henderson, a CPA at the firm of Duggan Bertsch in Chicago.

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Illinois’ income tax will hold steady in 2020 and despite warnings from Mayor Lori Lightfoot, Chicago’s new budget avoids a major property tax hike. But before you go on a holiday shopping spree, a word of caution.

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(John Lodder / Flickr)

Starting Jan. 1, parking meter rates will increase across Chicago, peaking at $7 per hour in the Loop. While the city doesn’t collect that revenue, Mayor Lori Lightfoot’s administration estimates it will save $7.9 million with the plan. Here’s how.