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Illinois Tax Amnesty Opportunity

We know changes are coming to Illinois Tax but this opportunity is not to be missed if you are behind in filing or paying Illinois tax – Illinois Tax Amnesty Program. Illinois is waiving the penalties and interest for taxes that are paid late and will not pursue any civil or criminal prosecution related to those taxes.

Here are some details:

  • Must pay tax in full (and file if needed) between 10-1-2019 and 11-15-2019
  • Good for 2011 – 2017 tax years

There is also a similar program for unpaid business franchise tax.

If you think you could take advantage of this please give us a call and we can confirm you qualify and talk more on how to proceed.

Tax Savings Opportunity – Prepaying your property tax

gears Tax Savings Opportunity – Prepaying your property tax tax preparation 60174We are contacting selected clients regarding a tax saving opportunity that is now available as a result of tax reform (Tax Cuts and Jobs Act) that was passed today.

You may benefit from prepaying your property taxes.

This legislation has limited the deductibility of property taxes for 2018 and beyond. In certain scenarios, it will be beneficial to pay your 2018 property tax bill before the end of 2017 and capture the deduction before it is lost.

The following must all be true to benefit on your 2017 tax return:

  • Itemize deductions
  • Pay Property tax
  • Do not pay AMT tax
  • Have the funds available to make a payment before the end of the year

Every county has different rules for prepaying your property taxes. For example, here are instructions for Kane County, Illinois:

Please contact us if you would like us to analyze your specific situation to determine if prepaying your property taxes will be beneficial.

Why is my paycheck lower this month?

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.…/Bullet…/2018/FY-2018-01.pdf