Increased Illinois tax withholdings!
The Illinois state legislature has recently enacted several ways for all of us to help with its fiscal problems – in the form of new tax law associated with the recent budget.
For your enjoyment….
– individual tax rate increase from 3.75% to 4.95%
– corporation tax rate increase from 5.25% to 7.00%
– limits to some deductions and credits for high income taxpayers
There were some taxpayer friendly provisions…
– New credit for teacher expenses
– Increased credit for K – 12 tuition
– Increased Earned Income Tax Credit
Wage earners will notice more withholding starting in July. Those making estimated payments on the state level may need to adjust those amounts.
Give us a call if you you have any questions or would just like to participate with us in the time-honored tradition of complaining about taxes.