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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.

 

Illinois Governor Eyes Bond Sale, Tax Hike to Save Pensions

(Bloomberg) -- Illinois Governor J.B. Pritzker is considering a broad plan to inject cash into the state's struggling pensions by selling $2 billion of bonds, implementing a progressive income tax and ...

Published:  Fri, 15 Feb 2019 04:51:15 GMT



Civic Federation says Illinois needs mix of tax hikes, spending cuts

CHICAGO - Illinois could balance its books and begin tackling a $7 billion unpaid bill backlog and $133.7 billion pension burden through a combination of belt tightening, new taxes, and supplemental p...

Published:  Wed, 13 Feb 2019 13:51:00 GMT



Dark money-funded groups plan fight over Illinois progressive income tax

Two "dark money" groups are stepping up to separately promote and attack the new governor's agenda. "Think Big Illinois," a brand new 501(c)(4) organization which doesn't have to ...

Published:  Fri, 08 Feb 2019 15:05:00 GMT



Budget watchdog says Illinois should tax retirement income and cap spending, but Pritzker unlikely to go along

CHICAGO - A second public policy organization is calling for Illinois to tax retirement income and expand the sales tax to some consumer services as part of a sweeping plan to fix the state's ...

Published:  Wed, 13 Feb 2019 11:25:00 GMT



Opinion | Dan McCaleb: Spin machine on full throttle in graduated income tax debate

Taxpayers need to see the whole picture and decide for themselves. Illinois' constitution currently requires a flat income tax. Wage earners pay the state 4.95 percent of their income to help fund ...

Published:  Fri, 15 Feb 2019 00:00:00 GMT



House Bill would repeal Illinois estate tax, protect family farms

Illinois is one of just a handful of states that double-taxes people when they die by imposing its own estate tax atop the federal tax. A bill that would repeal Illinois' estate tax could save family ...

Published:  Thu, 14 Feb 2019 10:38:00 GMT



Morton Marcus: Which taxes are virtuous or vicious depends on your earnings, spending

But we don't have any local sales tax, as do 37 states, including Illinois and Ohio. The result is our ranking for sales tax rates declines from second highest to 23rd place. Today, many Hoosier local...

Published:  Thu, 14 Feb 2019 22:32:00 GMT



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