Category Archives: Illinois

Illinois Couples in Civil Unions Will File Married Returns in 2011

Posted on December 1, 2011 by Russ

Illinois couple who are in civil unions will file married returns for 2011. They will, for state tax purposes only, file either married filing jointly or married filing separately. Note that they will still file single returns for their federal … Continue reading →

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Will Chicago Get a New Casino?

Posted on September 15, 2011 by Russ

Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading →

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I’m Shocked to Find that Record Tax Increases Impact Job Losses

Posted on September 1, 2011 by Russ

I hope you detected the sarcasm in the headline. The Illinois Policy Institute reports that following the record tax increase in Illinois, Illinois lost more jobs in July than any other state. There’s a wonderful chart in the article: You … Continue reading →

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Illinois Increased Taxes But Is Still Broke

Posted on July 18, 2011 by Russ

You are insolvent when the money you owe (your liabilities) are more than the money you have (your assets). Illinois has been in desperate financial trouble for some time; this won’t be news to readers of this blog. Earlier this … Continue reading →

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Bozo Tax Tip #4: Use a Bozo Accountant

Posted on April 11, 2011 by Russ

Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: * He’s never met a deduction that doesn’t fit … Continue reading →

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What Do South Dakota, Nebraska, Virginia, and Texas Have in Common?

Posted on March 28, 2011 by Russ

No, they’re not the home states of the schools in the NCAA Final Four. They’re the states that would like Caterpillar to relocate from Illinois. Why would Caterpillar look to leave the Land of Lincoln and fly away? Taxes and … Continue reading →

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Wellek Gets 1 Year at ClubFed

Posted on February 7, 2011 by Russ

There’s something about strip clubs that make them go hand-in-hand with tax evasion. Michael Wellek owned three such clubs in the Chicagoland area. Back in 2003, the IRS seized $12 million from a warehouse owned by Mr. Wellek. And that’s … Continue reading →

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Back Home Again in Indiana (Illinois’ Tax Increase)

Posted on January 12, 2011 by Russ

Back Home Again in Indiana is the state song of the Hoosier State. For those in the Land of Lincoln, it’s quite likely the Hoosier State will look much nicer; this morning, legislators approved an income tax increase from 3% … Continue reading →

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When Winning by 0.5% Is a Mandate

Posted on November 8, 2010 by Russ

Illinois is broke. While other states (such as California) have higher budget deficits, on a per capita basis Illinois leads the way. Illinois has a $13 billion deficit and some vendors haven’t been paid in nearly seven months. In last … Continue reading →

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Wellek Pleads Guilty, Admits Tax Evasions

Posted on November 8, 2010 by Russ

In October I noted that Michael Wellek, the owner of three strip clubs in the Chicago area, would soon plead guilty to tax evasion. He did so last week. Mr. Wellek admitted he didn’t file a tax return for years … Continue reading →

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