Tax News

Dear Small Biz Owner,
Happy New Year!! We are happy to let you know that the IL Individual Income Tax rate is 3.75% of net income effective Jan 1, 2015. This went down from 5%!

Here are some other rates effective Jan 1, 2015:

• Business Income Tax – Corporations – 5.25 % of net income
• Trusts and estates – 3.75 % of net income
• Personal Property Replacement Tax Corporations – (other than S corporations)
  2.5 % of net income | Partnerships, trusts, and S corporations 1.5 % of net income

Call our office with any questions.

Thank you,

Maribel Del Real, CPA
Del Real Tax Group
www.delrealtax.com
708-788-0082
[email protected]