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      May 26, 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.

 

How 1 Illinois Democrat Wants to Reverse the Trump Tax Cuts

The Tax Cuts and Jobs Act has been the crowning achievement of the Trump administration and the Republican-controlled Congress over the past year and a half, with dramatic changes to tax law including large cuts in corporate tax rates and substantial ...

Published:  Fri, 25 May 2018 17:43:00 GMT



House Democratic Tax Plan Foreshadowed in Sixth District of Illinois

House Democrats may be running on a tax platform consisting of uncapping the SALT deduction for wealthy households, increasing the tax rate on mature small businesses to the highest level seen since the 1970s, and raising taxes on large U.S. employers, as ...

Published:  Tue, 22 May 2018 17:15:00 GMT



Property-tax-for-pensions plan would pummel Illinois homeowners

The Federal Reserve Bank of Chicago released a report May 7 that claims to have found the best solution to paying off Illinois' state pension debt, which researchers peg at anywhere from $130 billion to $250 billion. 1,2 The proposed solution Force ...

Published:  Fri, 25 May 2018 08:31:00 GMT



The Illinois Taxes No One Wants to Talk About

As Illinois lawmakers stare down their final weeks in Springfield, the state is staring down its own fiscal realities: $6.5 billion in unpaid bills, a $130 billion pension shortfall, and credit ratings still barely teetering above junk-bond status despite ...

Published:  Thu, 24 May 2018 09:03:00 GMT



I'm a retired teacher. Tax my pension to save Illinois.

My wife and I are both recently retired teachers. Regarding the "debt crisis" of Illinois, I hear many people voice solutions that will be paid for by someone else. It is true that we have a problem with the increasing portion of the population who are ...

Published:  Sat, 19 May 2018 04:01:00 GMT



Illinois needs a fair income tax

As we near the end of the spring legislative session, Illinois faces yet another financial challenge that we can't afford to ignore. Our legislators are ironing out the details of what we hope will be a full-year budget for the fiscal year that starts July 1.

Published:  Wed, 16 May 2018 05:49:00 GMT



School ends, work begins with county schools sales tax

Illinois Valley Central School District (IVC) will replace HVAC units and repair the roof this summer at Chillicothe Elementary School. The district also used revenues from the county schools facilities sales tax to avoid increasing property taxes on ...

Published:  Thu, 24 May 2018 19:27:00 GMT



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