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
Additional information: http://tax.illinois.gov/TaxRates/Income.htm
Call our office with any questions.
Maribel Del Real, CPA
Del Real Tax Group