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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
info@delrealtax.com

Picture of Maribel Salazar, CPA, CTC, MSA

Maribel Salazar, CPA, CTC, MSA

Maribel Salazar is a Chicago-based CPA, Certified Tax Coach, and QuickBooks ProAdvisor with nearly two decades of experience in tax planning and small business accounting. A former PwC consultant, she holds master’s and bachelor’s degrees in accounting, has received multiple awards, and leads Del Real Tax Group serving clients in Chicago, La Grange, Oak Park, Oak Lawn, and Cicero.

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