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If you owe taxes but do not have enough money to pay them in full by the April 15th deadline, a new IRS webinar can explain your options for resolving your tax obligation. The one-hour webinar, entitled 2015 Payment Alternatives When You Owe the IRS, will take place on Wednesday, March 25 at 1 p.m. Central Time. A variety of payment agreement options, including IRS Direct Pay, will be discussed for both individuals and businesses. In addition to educating tax payers about their payment options, … [Read more...]

Alby Gallun of Chicago Real Estate Daily reports that “business has never been better for downtown apartment landlords and hoteliers.” With rents and prices at record highs, the demand for more units is increasing. Chicago real-estate developer, Christopher Carley, and a New York firm, Symmetry Property Development, are partnering up to meet some of these demands by building new luxury apartments and hotel rooms in Chicago’s River North. The team plans to construct a 36-story tower that will … [Read more...]

Condo rentals are on the rise in the Chicago area. Many believe that the lower prices of condominiums coupled with their expected rent revenue make them a sound investment. However, Ian Spula of Chicago Magazine cautions would-be landlords of potential pitfalls. “In recent years, some condo associations have imposed restrictions that make renting out units much tougher,” he warns. He recommends that if you want to make this sort of investment, that you purchase a condo in a building with at … [Read more...]

Elmhurt couple Jim and Tely Nagle have completed renovations on the old Drake Oak Brook Hotel and plan to reopen it to the public this Friday, March 20. The couple purchased the shuttered hotel for $6.5 million in December of 2013, and since then has invested millions of dollars into its renovation. Many area residents are happy to see this hotel, which has hosted such varied guests as Rock Hudson, Prince Charles and the king of Italy, return to its former state of grandeur. The four-story hotel … [Read more...]

After shutting down several of its most popular mortgage assistance programs, the Illinois Housing Development Authority (IHDA) is finally launching a new consolidated program that benefits both first-time home buyers and existing homeowners who are looking to refinance their current mortgage or move to a different home. The income-based program will offer 30-year fixed rate mortgages along with a host of other buyer-friendly incentives such as down payment assistance of up to $5,000, attractive … [Read more...]

Acting on a suggestion earlier this week from President Barack Obama to ease the student loan debt burden for some borrowers, 12 U.S. Senators have introduced a new bill designed to do just that.  If approved, the proposed Fairness for Struggling Students Act of 2015 would put private student loans in the same category as other dischargeable private unsecured debt. Currently, student loan debt can only be discharged in the rarest cases thanks to changes made to federal bankruptcy code in 2005. … [Read more...]

Even if you don’t have the money to pay the taxes you owe, filing your tax return by April 15 is still in your best interest. Although this may seem counterintuitive to some taxpayers, a new CNN Money article breaks down exactly why filing on time is the smartest choice. One of the biggest incentives to file by the deadline is to avoid the failure-to-file penalty, which adds 5 percent of the taxes you owe to your tax bill for each month you delay filing. The penalty caps out at an exorbitant 25 … [Read more...]

What has been good news at the pump for drivers has turned into a financial crisis for two Houston-based oil companies. Both BPZ Resources and Dune Energy were forced to file for Chapter 11 bankruptcy protection this week because of the dramatic drop in crude oil prices. Since last summer, oil prices have plummeted by nearly half causing many oil companies to take corrective measures including laying off employees and putting a halt to drilling activity. According to a recent article in The Wall … [Read more...]

Buying a short-sale home is a great way to shave thousands of dollars off the purchase price. But, the lengthy road to closing on a short-sale property is often paved with pitfalls and disappointments that make the process frustrating for many buyers. A recent article on the topic, by Trulia blogger John Vieira, breaks down the lessons learned from his experience buying a short sale. He also offers 7 tips that can help you navigate the process smoothly. One of his biggest pieces of advice is to … [Read more...]

In many cases, your home’s online listing is your first chance to make a good impression on potential homebuyers. The words you use to describe your home could determine whether buyers schedule a viewing to see your property up-close or move on to another listing. As America’s leading online real estate listing website, Zillow recently compiled a list of 9 keywords that send negative signals to buyers and tend to cause houses to sell for less than expected. At the top of the list is the word … [Read more...]