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Illinois residents face some of the most difficult tax burdens in the nation, as the state legislature regularly threatens to raise taxes to cover its infamous budget shortfalls. This puts more pressure on the average Illinoisan who may already be struggling to meet his or her tax responsibilities, and who is unaware of the existence of tax relief strategies.
Illinois ranks 10th highest in the United States when considering federal income taxes paid: $12,737 is the average amount paid by Illinois residents, more than $1000 higher than the national average. Illinois' relatively low, flat-rate state income tax of 5% does little to offset the considerably high federal tax burden.
The state has also seen a decline of more than 11% in the median income of its population, which is now approximately $57,196. High unemployment rates, unexpected medical bills, and poor financial decisions have led to a growing number of Illinois residents who are delinquent in meeting their tax obligations. When faced with the choice of feeding their families - or keeping the lights on, the roof over their heads, or clothing on their backs - or setting aside money to pay their tax bills for the year, it is understandable that many choose to meet the more immediate needs rather than putting funds into savings for taxes.
Tax relief companies are often an effective solution to help people manage the stress of owing state and federal taxes and eliminate the possibility of having wages garnished or assets seized. Such tax relief experts work with their client's tax responsibilities and may even be able to help them reduce their overall tax debt. There are a number of tools available through the use of tax relief services, such as validation of tax debt, tax return review and amendment, and setting up payment plans for tax debt.
Tax Relief In The News
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Published: Wed, 16 May 2018 03:00:10 GMT
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Published: Fri, 18 May 2018 20:28:00 GMT
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Published: Tue, 15 May 2018 10:52:00 GMT
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Published: Sat, 19 May 2018 08:16:00 GMT
Most of the analysis of the regulatory relief bill that passed the Senate earlier this year has focused on how it will help small and regional banks, but the measure - which could face a House vote as early as next week - also contains provisions that ...
Published: Wed, 16 May 2018 11:40:00 GMT
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