Illinois State Tax Tables 2023 US iCalculator

The two most popular tax software packages are H&R Block At Home, sold by the H&R Block tax preparation company, and TurboTax Federal & State, sold by the Intuit software company. Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package. The Personal Exemption, which is supported by the Illinois income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support.

Illinois does have a personal exemption of $2,425 for a single person and $4,850 for a married couple. Illinois also accepts online payments of your tax debt with credit cards and debit cards, or through a bank transfer. There is, however, a convenience fee for the use of a credit or debit card when paying your taxes.

3 – Illinois Dependent Deduction

Illinois has a flat 4.95 percent individual income tax rate. Illinois also has a 9.50 percent corporate income tax rate. Illinois has a 6.25 percent state sales tax rate, a 4.75 percent max local sales tax rate, and an average combined state and local sales tax rate of 8.82 percent.

The difference between the exemption allowance and the standard deduction is that you can still take it even if you have other subtractions from your income as discussed above. With the standard deduction, generally speaking, you have to choose whether to take it or add up your itemized deductions and claim those instead. Sales tax, or use tax, is any tax that’s imposed by the government for the purchase of goods or services in the state of Illinois.

Income Tax Pro

Find out what adjustments and deductions are available and whether you qualify. Illinois does not have standard and itemized deductions, nor do they use the federal standard deduction amounts. The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic illinois income tax brackets growth and governmental coffers. View how much tax you may pay in other states based on the filing status and state entered above. Income from Illinois sources if your adjusted gross income is higher than your Illinois exemption allowance. To download tax forms on this site, you will need to install a free copy of Adobe Acrobat Reader.

If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Motor vehicle purchases are subject to Illinois sales tax. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. Prepare and e-File your Illinois Income Taxes here on eFile.com together with your Federal Income Tax Return. Per IRS/State regulation – not eFile.com – an Illinois state tax return can only be e-Filed together with an IRS tax return.

State Income Tax Rates: What They Are, How They Work

Keep in mind that some purchases may be exempt from sales tax, and others others may be subject to special sales tax rates. Sales tax jurisdiction rules can sometimes be too complicated to describe rate areas by zip code, so this calculator is provided for reference purposes only. Effective each January and July, the local government sales tax rates may be adjusted. The latest revised local rates can be found online using the Illinois Tax Rate Finder. As simple as Illinois tries to make income tax, the state seems to take the opposite approach with sales taxes. There are three rate structures depending on what you are buying.