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. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies. To e-file your Illinois and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. There is, however, a convenience fee for the use of a credit or debit card when paying your taxes.
Illinois also accepts online payments of your tax debt with credit cards and debit cards, or through a bank transfer. If you eFile your taxes, you can expect to receive your income tax refund sooner and will be able to get instant verification of your tax return submission. Illinois provides the WebPay portal for all taxpayers to electronically file their IL-1040 forms. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below. Benefits of e-Filing your Illinois tax return include instant submission, error checking, and faster refund response times. You can save time and money by electronically filing your Illinois income tax directly with the. You may claim the Illinois standard deduction if applicable, and specific deductions may be available to Illinois taxpayers as limited deductions or tax credits. Unlike the Federal income tax, the Illinois income tax does not allow itemized deductions. You can, however, claim dependent deductions on your Federal Tax Return. Unlike most states, Illinois does not have a dependent deduction. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your Illinois income tax return.
Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Unlike many other states, Illinois has no standard deduction. For details on specific deductions available in Illinois, see the list of Illinois income tax deductions.
Using deductions is an excellent way to reduce your Illinois income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Illinois tax returns. Income tax deductions are expenses that can be deducted from your gross pre-tax income.
Ĭompare the state income tax rates in Illinois with the income tax rates in The IRS will start accepting eFiled tax returns in January 2020 - you can start your online tax return today for free with TurboTax. There are -1433 days left until Tax Day, on April 16th 2020. If you expect to owe $500 or more on April 15th, you must pay your income tax to Illinois quarterly using Form IL-1040-ES. Previously, the tax rate was raised from 3% to 5% in early 2011 as part of a statewide plan to reduce deficits. The Illinois income tax was lowered from 5% to 3.75% in 2015. You can learn more about how the Illinois income tax compares to other states' income taxes by visiting our map of income taxes by state. Illinois' maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Illinois' %. Unlike the Federal Income Tax, Illinois' state income tax does not provide couples filing jointly with expanded income tax brackets. Illinois collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets.