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Despite lower gas prices nationwide, the IRS announced this week that it will increase the standard mileage rates for motorists who use their vehicles for business purposes. Effective January 1, the new rate will be 57.5 cents, up from this year’s 56 cents.  In contrast, the IRS will reduce the standard mileage rate for miles driven for medical and moving purposes by half a cent. The standard rate for miles driven in service to charitable organizations will remain the same at 14 cents. According … [Read more...]

Zillow expects rising rent costs to motivate more millennials to become first-time homeowners in 2015. In its annual housing predictions, released this week, the online real estate giant predicts new homeowners will play a pivotal role in reviving the lagging housing market.  According to the forecast, buyers under the age of 35 will make up the largest group of homebuyers by the end of 2015. Zillow’s Chief Economist Dr. Stan Humphries is cited in the company’s forecast saying, “The lack of … [Read more...]

Welcome Home Illinois, the state’s most successful assistance program for homebuyers, is ending this month. The $80 million budget set aside for the popular program has been depleted earlier than expected. The program, which started this spring, provided $7,500 in down payment assistance to more than 10,356 homebuyers–most of whom say they would not have been able to purchase their home without the program’s assistance. No immediate plans have been announced to replace the program, which was … [Read more...]

It’s the season for giving and preparing to file your taxes. If you’re trying to kill two birds with one stone, you may be looking to make a charitable contribution before year-end. To ensure that your contributions are deductible, the IRS has issued key reminders that all taxpayers should keep in mind when giving to their favorite charities. While it’s convenient to clean out your old unwanted items and donate them to the local Goodwill, the IRS warns that only items in “good used condition or … [Read more...]

Commercial realtors can expect good things in 2015 according to a new report inThe Wall Street Journal. Job growth and low housing inventory are two of the top factors driving the favorable prediction. In a recent article, Lawrence Yun, chief economist at the National Association of Realtors, speculates that the current trend suggests that the commercial real estate market will continue to see an increased demand for commercial real estate leasing, new commercial construction, and multi-family … [Read more...]

If you are looking to get a jumpstart on your tax planning, a new Motley Fool article provides an excellent guide to the three most significant changes you will want to keep in mind when preparing your tax return. One of the major considerations for most taxpayers is the new tax penalty that comes with not having “minimum essential” health insurance coverage. That penalty–which works out to be the greater of 1% of annual income (above the tax filing threshold) or $95 per adult and $47.50 per … [Read more...]

According to Fortune magazine, Chicago is now leading the way in attracting global businesses. Fortune 500 companies nationwide are abandoning their large suburban campuses in search of commercial real estate in downtown Chicago. Among the latest arrivals are United Airlines, General Electric’s transportation division, Hillshire Brands, and Archer Daniels Midland. The article cites better access to a talented workforce as one of the major draws of Chicago. The city’s easily accessible … [Read more...]

What’s in store for the real estate market in 2015? Freddie Mac is making five predictions for the upcoming year that will be good news to some and bad news for others. Among the bad news for those looking to purchase a home in 2015 is the prediction that interest rates for 30-year fixed-rate mortgages will likely increase to as high as 5 percent by the end of 2015. This year, homebuyers enjoyed rates that sank below 4 percent according to Realtor Magazine. The good news is that construction on … [Read more...]

If you became a parent for the first time in 2014, there are several tax perks you can look forward to this tax filing season. According to a recent Daily Financearticle, parents with dependent children get better credits and deductions than most other groups of taxpayers. Among the top tax breaks that come with parenthood is a $1,000 tax credit for each child that is under the age of 16. In addition to a tax credit just for having a child, parents can receive a tax credit of up to $6,000 for … [Read more...]