Illinois has a 1.95 percent effective property tax rate on owner-occupied housing value. This new version illinois income tax rate no longer asks you to list total allowances, as it instead uses a five-step process that lets you enter personal information, claim...
However, it does offer several tax credits and exemptions based on specific circumstances, such as the Earned Income Credit and property tax credits. A tax credit allows taxpayers to reduce the amount of taxes they are required to pay. This is different from a tax...
Financial controllers and accountants would agree that analyzing variances between budgeted and actual figures is critical for business oversight. This approach to calculating variances facilitates comparison of like with like. Hence, we can compare the actual...
However, to get the most value out of variance analysis, focus on variances that match your operations and business model. For example, if you’re a service business, focus on labor variances as these can reveal inefficiencies or opportunities in your workforce. The...
Nonresidents who work in Illinois also must pay income tax to the state, unless they live in Wisconsin, Iowa, Kentucky or Michigan. The only exception is railroad unemployment.More information is on the Illinois Department of Revenue’s website. Watch the video below...