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Tax Relief in Illinois

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.

 

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Tax Relief In The News

Alcohol industry pushes lawmakers to uncork excise tax relief

The alcohol industry is pressing Congress to make permanent the excise tax relief it received under the Republican tax law. The measure President Trump Donald John Trump Oregon governor to face state rep in November Ashford, Eastman neck and neck in ...

Published:  Wed, 16 May 2018 03:00:10 GMT



Pot may provide tax relief for new school in Easthampton

EASTHAMPTON - Proponents of recreational marijuana have long touted the tax benefits of legalization. Now Easthampton may use those benefits to address rising property taxes. Introduced by Councilor Owen Zaret, a resolution referred to the City Council ...

Published:  Fri, 18 May 2018 20:28:00 GMT



Tax Relief Associates Offers Back Tax Help

A notice and demand is mailed to the taxpayer, and when the demand for payment is not satisfied, the IRS sends the balance due account to a revenue officer in the field; The revenue officer pursues administrative levies, seizures, or judicial collection ...

Published:  Tue, 15 May 2018 10:52:00 GMT



The limits of agricultural relief - How not to get hit with a massive tax bill when inheriting land

Everything you need to know about paying stamp duty on land transfers between... Martin O'Sullivan If a day passes that I do not receive a query on the tax implications of farm succession it's probably because the day is good and farmers are out making the ...

Published:  Sat, 19 May 2018 08:16:00 GMT



Reg relief, tax cuts, the war for talent: What's on midsize banks' radar

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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