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      July 19, 2018

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Tax Relief in Illinois

Illinois MapIllinois 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.

 

New Illinois adoption tax credit eases financial burden on families

Even before they were married, Cory and Christena Estby knew they wanted a big family, including adopting children who needed loving parents. As the years passed, the Kankakee County couple went throu...

Published:  Wed, 18 Jul 2018 07:17:00 GMT



Lawmakers found more money for schools this year, but what about down the road

The fact that Illinois passed this "historic school funding" legislation received a lot of attention last year, but one part of the plan did not: the Property Tax Relief Pool Grants Of the new revenue ...

Published:  Tue, 17 Jul 2018 10:56:00 GMT



Illinois Tax Talk: Financial Organization Apportionment

Law360 (July 18, 2018, 3:34 PM EDT) -- Financial organizations in Illinois are required to follow different apportionment rules than general service providers. Prior to Dec. 31, 2017, such businesses ...

Published:  Wed, 18 Jul 2018 12:34:00 GMT



A year after historic tax increase, Illinois remains in the red

One year ago, lawmakers overrode Gov. Bruce Rauner's veto, passing a $36.5 billion budget that took an additional $5 billion from taxpayers and ended a more-than-two-year standoff between the freshman ...

Published:  Wed, 11 Jul 2018 08:46:00 GMT



Progressive income tax proposal would sink Illinois

The Land of Lincoln is on the precipice of a financial disaster, and the window to repair our damaged state is shrinking every single day. Instead of reforming public employee pensions and Medicaid, s...

Published:  Wed, 04 Jul 2018 22:02:00 GMT



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