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      November 18, 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.

 

Pritzker's progressive income tax must serve only this one purpose

Pritzker has been clearer on taxes. He wants to replace Illinois' flat 4.95 percent income tax rate with a "graduated" tax that levies higher rates on higher incomes, an approach used by 33 states and ...

Published:  Fri, 16 Nov 2018 03:47:00 GMT



Here's what J.B. Pritzker's election means for Illinois' taxes, minimum wage, health care and more

For the second election in a row, Illinois voters have handed the governor's office to an ultrawealthy but politically inexperienced businessman who promises to jump-start the state's economy. But Dem...

Published:  Fri, 09 Nov 2018 10:58:00 GMT



Illinoisans continue with strong opinions of Illinois tax burdens

It's no secret Illinois has one of the highest tax burdens in the nation. In 2016, the Tax Foundation ranked Illinois the fifth in the nation for overall tax burden and in March, ninth for property ta...

Published:  Wed, 14 Nov 2018 14:06:00 GMT



Tax experts say Illinois millionaires could try to flout progressive tax

Pritzker, along with other Democratic lawmakers, have proposed changing Illinois' Constitution to allow for graduated income tax rates that would require people who earn more to pay higher ...

Published:  Tue, 13 Nov 2018 09:03:00 GMT



Sales tax backup supports toll bonds for Illinois bridge

CHICAGO - Kane County - one of Chicago's five "collar" counties - will sell $26 million of double-barreled bonds to finance construction of a toll bridge over the Fox River to relieve congestion in th...

Published:  Tue, 13 Nov 2018 11:51:00 GMT



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