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      July 22, 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.

 

Puzzled by property taxes: Improving transparency and fairness in Illinois' assessment system

Illinoisans shoulder one of the highest property tax burdens in the nation. The assessment process determines how that burden is distributed among property owners. While property values themselves sho...

Published:  Fri, 20 Jul 2018 07:43:00 GMT



Guest View: How to solve the Illinois pension crisis and dramatically lower property taxes

Arguably the two biggest issues facing the state of Illinois are its unfunded pensions and high property taxes. Past misdeeds and underfunding have led to a massive unfunded pension liability. Annual ...

Published:  Sat, 21 Jul 2018 15:14:00 GMT



A progressive income tax is Illinois' best chance

Republican state Rep. David McSweeney's argument that the state of Illinois is "on the precipice of a financial disaster" would have merit, if not for his bogus claim that a progressive income tax wou...

Published:  Mon, 09 Jul 2018 12:48:00 GMT



Commentary: The battle for the future of Illinois

In Illinois, the Republican Party has a good chance to win if we're bold and stand firmly for lower taxes, less spending and real reform. There should be a GOP "Contract with Illinois" based on a comm...

Published:  Wed, 18 Jul 2018 01:50:00 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



Online transaction tax ruling unlikely to change consumer behavior

Eric McDermott, economics lecturer in LAS, said in an email the ruling is beneficial for states because they can now collect taxes they have been missing out on from past years. Specifically, for stat...

Published:  Thu, 19 Jul 2018 05:04:00 GMT



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