Spagnolo & Hoeksema, LLC
Representing Businesses And Their Owners Since 2002

February 2019 Archives

Illinois is broke, so be alert to new taxes

As most of my clients that have heard me speak over the last 20 years can attest, I have been known to say, "Illinois is broke, so be alert to new taxes." One fact I have mentioned on several occasions is that Illinois does not impose income taxes on your retirement income, whereas most surrounding states do. This Illinois "loophole" has been the primary bright spot for this state when comparing it to the tax environments in neighboring states.