Under-the-radar tax benefits for Illinois residents

Please remember that the income tax code is very complicated, and while we can provide a good estimate of your Federal and Illinois income taxes, https://www.bookstime.com/ your actual tax liability may be different. Pay FUTA unemployment taxes, which is 6% of the first $7,000 of each employee’s taxable income.

If you are a resident of another state, contact us to discuss some of the benefits that may be available to you. Our team at Leelyn Smith is always available to help you capitalize on the tax-planning opportunities that are available to you—wherever you live. You may already be familiar with tax strategies such as contributing to tax-advantaged retirement accounts or investing in tax-exempt municipal bonds.

14: First attempts to pass graduated income tax in Illinois

Wisconsin now stands alone as the only neighbor with a truly progressive income tax. First, we calculate your adjusted gross income by taking your total household income and reducing it by certain items such as contributions to your 401. When Illinois’ cannabis legalization effort reaches its full potential with an illinois income tax rate expansion of licenses available for businesses, the state will bring in $500 million in total tax revenue annually. In Fiscal Year 2021, Illinois already generated $317 million in tax revenues from just 80 licensed adult-use dispensaries, which is more than the state collected in liquor tax revenues ($312 million).

This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes.

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ProPublica analyzed the tax data of nine other ultrawealthy supporters of Griffin’s anti-tax campaign. According to our estimate, this group of heirs and business owners, which includes some of the wealthiest people in Illinois, can expect to see a healthy return on their contributions and save millions in taxes over the coming years. As simple as Illinois tries to make income tax, the state seems to take the opposite approach with sales taxes. The three categories are qualifying food and drugs, vehicles and general merchandise. Including retirement income in the Illinois income tax base would provide a more stable revenue source as our State’s demographics change. Ensuring the future stability of one of the State’s largest tax revenue sources is especially important in the current fiscal environment.

You can claim a tax credit of up to 5.4% for the state unemployment tax you pay. First of all, let’s calculate federal payroll taxes for your employees. You can use our Illinois payroll calculator to calculate all your employees’ federal withholdings, plus any additional taxes your business is responsible for paying. The fair-tax campaign accused the rich of trying to fool middle-class families and claimed, based on the state Senate bill that had already passed, that as many as 97% of taxpayers would pay the same or less under the governor’s plan. Outside of a special convention, both the Illinois House and Senate must sign off on a state constitutional amendment by three-fifths majorities.

Know The Facts About The Fair Tax

Pritzker and the Democratic Governors Association also went head-to-head with Griffin, paying for ads attacking his candidate, Richard Irvin. On the other side, Pritzker created the Vote Yes for Fairness committee, plowing $58 million of his own fortune to support the “fair tax” campaign. Apart from Pritzker’s donations, the committee received just one $250 contribution, records show. Sam Zell, the real estate mogul known in Chicago for putting together a leveraged buyout of the Tribune Company that preceded its bankruptcy, gave $1.1 million. Based on his recent income, he would save $1.6 million in taxes each year. This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person.