Illinois Credit Union Foundation

Do you find yourself feeling frustrated every time tax day rolls around? You’re not alone. Thankfully, with a little strategy, you can reduce your taxable income and hang onto more of your hard-earned money. Here’s how: 📌 Boost Your Retirement Contributions — Every dollar you put into a 401(k) lowers your taxable income. 📌 Utilize an HSA or FSA — Save on taxes while covering healthcare costs. 📌 Write Off Business Expenses — Freelancers & gig workers, don’t leave money on the table! 📌 Claim Education Savings — A 529 plan contribution might mean a tax break in your state. 📌 Think Green — Buying an electric vehicle? You could score a $7,500 tax credit. 💡 Remember that the best tax savings happen before tax season. Start planning now and set yourself up for a smaller bill (or bigger refund!) next year. Here’s how: https://ow.ly/yCsZ50VzJ2C. #ICUFxFilenexHM Filene Research Institute HerMoney

Yesterday at our State Legislative Summit, we were honored to recognize Senator Dave Koehler and Representative Ryan Spain as the very first recipients of our #CreditUnion Legislative Champion Award! 🏆 Their dedication to #Illinois credit unions & the members we serve does not go unnoticed. 💪💙 Thank you both for your continued support and advocacy!

Did you know: Subchapter S banks use their tax exemption to funnel more money to their investors - not to benefit their customers - and cost U.S. taxpayers $10.3 billion in the past decade? #DontTaxMyCreditUnion https://bit.ly/4bcO4nZ

Discover how to take charge of your well-being with Jennifer Pestikas at the ICUL Women's Leadership Conference on May 15! 💜 Her empowering session introduces the BRAVE Framework to help you conquer self-doubt, navigate career transitions & rediscover your purpose. 💪 Let's break through burnout and unlock our full potential — together. 🌟 Learn more & register: https://lnkd.in/g3VEhKEJ.

Congratulations to Land of Lincoln Credit Union's Lynda Mitchell on her promotion to VP of Indirect Lending! 🎉 With over 15 years of experience in auto lending, Lynda will continue to lead the charge in strengthening dealer relationships and expanding LLCU's impact across central Illinois. 🚘💪 Read more: https://ow.ly/x6Q350Vyozn.

A round of applause 👏 to our incredible partner, Credit Union Loan Source, for representing CUSOs on the international stage at #ABCUL in London! 🌍 Kevin's insights into collaboration, innovation, and growth truly reflect why CULS is such a fantastic partner & leader in our industry. 🌟 We're proud to work alongside CULS in advancing the future of #creditunions — together!

🎉 ICUL Peer Communities are officially open — and already buzzing with collaboration! 💬✨ From HR to DEI, Lending to #YPs, these dedicated online spaces are built for YOU to connect, share ideas, and grow together. 🤝 Whether you're solving real-time challenges or celebrating wins, there's a community waiting for your voice. ➡️ Ready to jump in? Log in today and start the conversation: https://ow.ly/HmiW50VyACc.

Banks received tax cuts that will cost the government $40-50 billion a year over a decade. The very same banks that needed trillions in government bailouts during the financial crisis. #DontTaxMyCreditUnion https://bit.ly/4bcO4nZ

#CreditUnions provide pathways to financial stability, including financial counseling, credit building, and opportunities to obtain affordable loans. #FinancialCapabilityMonth

Filing your first tax return? Or just wondering if you're missing out on big deductions? 🤔💸 Here's the deal: Everyone gets a standard deduction ($14,600 for singles, $29,200 for couples filing jointly). If your itemized deductions don't exceed that, then taking the standard deduction is the way to go. But if you had big expenses this year, you might want to itemize. Here's when it makes sense: 📌 Medical expenses — If you spent more than 7.5% of your income on medical bills, you might be able to deduct them. 📌 Mortgage interest — Own a home? You may be able to deduct the interest on your loan. 📌 State & local taxes (SALT) — Deduct up to $10,000 in state income, sales, or property taxes. 📌 Charitable contributions — Donations to qualified charities could mean tax savings. 📌 Home office deduction — Self-employed with a dedicated office space? You may qualify for a deduction. Not sure whether or not to itemize? Get the full breakdown of tax deductions here ⬇️: https://ow.ly/Cq7G50VySvk. #ICUFxFilenexHM Filene Research Institute HerMoney