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The New York Stock Exchange announced this week that it would immediately suspend trading shares of stock for bankruptcy-bound electronics retailer RadioShack. The move sent investors scrambling to dump the plummeting stock, which closed at just 24 cents a share on Monday. According to USA Today, the stock’s value dropped even further to 14 cents in the after-hours market. The NYSE warned RadioShack that it would be delisted unless it produced a business plan that showed it was taking steps to … [Read more...]

If you’re looking to a launch a rental-home business in Cook County, a new market report may put a damper on your plans. According to RealtyTrac, Cook County yields a 7.92 percent average return on investment for residential rental real estate. That places it behind 300 other counties nationwide. The problem is not demand. Rentals of single-family homes in Cook County are actually up 14 percent from last year. The issue is the high cost of real estate in this county. With a median price of more … [Read more...]

Figuring out the best thing to do when you inherit a home is a tricky decision that requires careful thought and consideration. According to the Center of Wealth and Philanthropy at Boston College, Americans stand to inherit more than $27 trillion in assets over the next 40 years. That means, at some point, you could be faced with making emotional and financial decisions about what to do with an inherited home. As the host of the new TV show Strange Inheritance, Jamie Colby offers seven key tips … [Read more...]

Struggling municipalities in Illinois may finally get the debt relief they have been anxiously seeking. Earlier this week, Representative Ron Sandack (R-Downer's Grove) introduced HB 298, which would amend existing municipal code to allow a city, village or incorporated town to file for Chapter 9 bankruptcy relief.  With municipalities in other states taking advantage of Chapter 9, local government officials have been working for months to formally sanction Chapter 9 in Illinois. During the … [Read more...]

An estimated three to six million uninsured tax payers will be the first to pay the Obamacare tax penalty this tax season.  The penalty, which is either $95 or one percent of income, could prove costly for an uninsured married couple.  According to CNN Money, a couple with a combined income of $100,000 will have to pay $797 for not carrying health insurance in 2014. Those who fail to enroll in some type of health insurance plan in 2015 will face an even stiffer penalty of $325 or 2 percent of … [Read more...]

Many Illinois residents have avoided paying the state’s 6.25 percent sales tax by making purchases online through retailers such as Amazon.  Starting in February, Amazon will begin collecting this sales tax at point of sale in order to comply with a new state law. This makes Illinois the 24th state in which sales taxes will be added at point-of-sale. The state’s brick-and-mortar retailers support this change because they had been unable to compete with prices that did not include sales tax. The … [Read more...]

Online predators love tax season. According to the IRS, scammers take advantage of unsuspecting taxpayers by using fake emails or fake websites that look like they were created by the IRS. IRS Commissioner John Koskinen cautioned taxpayers in a recent statement saying, “The IRS won’t send you an email about a bill or refund out of the blue. Don’t click on one claiming to be from the IRS that takes you by surprise. They may be scams to steal your personal information.” The IRS is also asking … [Read more...]

SkyMall, the quirky in-flight magazine that has captured airline passengers’ attention for more than 25 years, has filed for bankruptcy protection. Steep competition from online retailers like Amazon, coupled with more relaxed rules regarding the use of electronic devices during flights, has caused sales from the once-popular catalog to flounder. Recognizing that passengers are entertaining themselves on smartphones and tablets, several major airlines, including Delta and Southwest, decided late … [Read more...]

As the housing market creeps back toward normal, the inventory of foreclosed properties in Chicagoland and across the nation is quickly dwindling--leaving homebuyers to pay higher prices. According to a recent article in the Chicago Tribune, last year’s foreclosure activity in metropolitan Chicago reached a seven-year low. Doug Kowalewski of Tanis Group Realty, the West Dundee real estate firm that made the Foreclosure Bus Tour popular, said, “We expect the flow of [foreclosure] properties … [Read more...]

If your house is on the market this winter, snow and ice may make it more challenging to show off your home’s best features. But a recent article from Zillow shares a few tricks sellers can use to attract potential buyers. One of the most obvious, but often forgotten, tips is to keep the heat at a comfortable temperature. While it is nice to save a few pennies by lowering the thermostat when you are not at home, a cold reception could discourage buyers from sticking around long enough to take a … [Read more...]