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If you're an Illinois resident or business owner, you have until April 18, 2023, to file your Illinois state income taxes. If you're expecting a refund this year, this quick guide explains how to...
The total value of potential refunds in Illinois is $40,608,000, according to the IRS. Those who are eligible for an Earned Income Tax Credit could receive sums in addition to a refund on paid ...
To file a state income tax return, you need the document created by the state’s revenue or tax agency. This form will be different from the one you use to file a federal income tax return.
The Illinois Department of Revenue has increased in size in line with the creation of new taxes within the state and the expansion of existing taxes. A gasoline tax was enacted in Illinois in 1927, the sales tax was enacted in 1933; the state income tax was enacted in 1969, and the first lottery tickets were sold in 1974 in the state capital of ...
State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. These tax rates vary by state and by entity type. Taxable income conforms closely to federal taxable income in most states with limited modifications. [2]
If you chose to e-file your taxes and opted for a refund via direct deposit, you should receive your refund within 21 days after you file. However, if you mailed in a paper file or chose a ...
The Illinois Fair Tax was a proposed amendment to the Illinois state constitution that would have effectively changed the state income tax system from a flat tax to a graduated income tax. The proposal, formally titled the "Allow for Graduated Income Tax Amendment", appeared on the ballot in the November 3, 2020 election in Illinois as a ...
After entering the required information, you should be able to view the current status of your tax refund. Common statuses include "Return Received," "Refund Approved," and "Refund Sent."