Chicago Tax Help
Chicago is a massive city with 2.7 million residents. As one of the largest cities in the nation, it’s home to people with their fair share of tax headaches. Tax audit and resolution help in Chicago is available through Levy & Associates Tax Consultants.
Our team in Chicago is dedicated to serving this enormous community. We employ a wide range of experts, including certified public accountants (CPAs), tax attorneys, and former IRS officers.
As a result, you can expect a thorough tax resolution service when you choose Levy & Associates. We’re available for a free initial consultation, during which we’ll discuss your unique circumstances and what tax defense would be best to protect you against the IRS.
Illinois Tax Laws
Illinois is a beautiful state, with plenty of outstanding places to reside in. But whether you live in the big city of Chicago, one of its suburbs, or in rural Illinois, you’ll need to stay up to date on tax laws.
Illinois is one of only nine states that currently does not impose a progressive system on its state income tax. Instead, it uses a flat tax system. As a result, the tax rate is the same for everyone, regardless of your earnings. However, there are proposed changes that might impact the flat tax rate system by the end of 2020.
Speaking with a tax professional at our Chicago office can keep you updated on all the critical Illinois tax laws that apply to your specific situation. Levy & Associates works with a wide range of clients, meaning that we can assist both individual filers and small businesses.
Currently, the Illinois state tax rate is just below 5% for the 2019 tax year. It was a significant raise over the low 3.75% on state income tax. Furthermore, Illinois provides a tax break for residents of Wisconsin, Michigan, Iowa, and Kentucky who also do business in the state.
Illinois Tax Relief
Everyone could use a tax break, right? However, tax law is complicated for a reason—which unfortunately leads many hard-paying taxpayers to miss out on critical exemptions and credits. If you are looking for tax relief in Illinois, consider speaking to an agent at Levy & Associates.
We work with clients to make sure their tax burden remains as low as possible.
The state does offer many tax exemptions and credits that are beneficial for residents. For example, the state enables taxpayers to claim a personal exemption of $2,275. Additionally, the Illinois property tax credit reduces your burden on property by 5%.
The Illinois Education Expense Credit is particularly enticing for families. The credit provides up to $750 for expenses related to a dependent child or children that attend kindergarten through the 12th grade. The student must be under the age of 21 at the time you claim the credit. Moreover, both you and the child must be residents of the state.
Lastly, the earned income credit (EIC) is the only refundable tax credit in Illinois. The credit is equal to 18% of the EIC amount received on your federal tax return. Therefore, if the exemption covers your tax liability and then some, you receive the extra funds to a bank account.
Illinois Audit Defense
There are more than 6 million tax returns filed each year in the state of Illinois. It should come as somewhat of a relief that the IRS audits approximately 1 million tax returns each year across the nation. Therefore, the chances of you getting audited are slim, yet possible.
If you receive a notice that the IRS needs to investigate your tax return, contact a representative at Levy & Associates Tax Consultants. We have a team of knowledgeable and dedicated individuals that can help address a tricky tax situation.
You don’t need to overly stress and worry about a tax audit. In many cases, the IRS simply needs more information to verify the items you claimed on a return. However, getting representation makes the process much more straightforward.
The IRS can pressure unassuming taxpayers into making decisions that are detrimental. Furthermore, the frequent correspondence and duties may take you away from your work or business. Hiring an audit defense team takes most of the hassle and frustration with the situation out of your hands.
Contact us today to learn more about how we can help with an audit defense. We are available seven days a week and respond to inquiries as soon as possible.
Illinois Lien and Levy Tax Help
Receiving a tax lien or levy is serious business. These conditions enable the IRS to put a hold on your assets and seize them if necessary. This is the only way that the IRS can resolve a tax burden if the taxpayer is unable to pay or ignores payments.
Consequently, the IRS could seize personal assets like your car or home. The agency can also freeze bank accounts, garnish wages, and seize business assets. Take steps to prevent this from happening by speaking to a representative at Levy & Associates as soon as possible.
Illinois Tax Settlement
Our Illinois Tax Settlement services are available to anyone that needs support. Scheduling a free initial consultation is the best method for obtaining more information on how we can help you with your personal circumstances. Contact Levy & Associates at (800) TAX-LEVY, or reach out online.