#9 Illinois
Illinois has just introduced a new pass-through option for S corporations and partnerships, which is coming into effect for the 2022 tax year. This means that these types of businesses’ income tax will become a separate entity compared to how it was before. Thus, since the personal income will become different from the business income, a lot of business owners will be able to take advantage of the deductions that come along with this separation.
If you are familiar with what the state of Illinois has been doing in the last few years, this move does not come as a surprise to you. After all, more of them have been looking into such an option in order to create a workaround for the State and Local Income Tax deduction cap. Illinois has just managed to do it faster, and others may follow.
Now that you are aware of all the changes that are about to be made, then you should look into brushing up on your knowledge about tax refunds! Read all about them and how you can benefit from one here!
8 Responses
Doesn’t pertain to me.
Big issues for people considering relocating to lower taxed states.
Send me Ohio information
Just another way for the wealthiest of us to keep their money! If you want to impress me with tax break maybe cut the ridiculously high property tax’s in Iowa. Property taxes should not be a bigger monthly payment then your mortgage principle balance but it is?
I need more info please?
Although, I do not make a big salary on my job, but, I am affected bytax prices. I will never vote for Dem’s.
Well I am waiting to see what the rate for retirees. It’s crazy that they want to take away our hard earned money, working 50-60 hrs per week and save in a IRA now they are going to raise taxes to take care of illegals. Something is NOT right with this picture. It’s OUR money, not the governments.
Last spring I heard the our state (Maryland) had passed legislation giving retirees a break on income taxes. I have yet to find out what that break is.