We keep you updated with the latest news from Martin Hood and helpful information whenever there is a change to employment or tax laws.
January 31, 2019
It is that time of the year again!
MyTax Illinois began accepting 2018 Individual Tax returns on January 28. Taxpayers will need to be mindful of the ways that the Tax Cuts and Jobs Act affects Illinois income tax returns, especially those instances where the Federal and State tax treatments differ.
For example, taxpayers will receive a personal exemption on the IL return for 2018 in the amount of $2,225, even though exemptions are no longer on your Federal tax return. For other changes for individual and business returns, as well as a glance into 2019, check out the recent IDOR bulletin here. As always, give us a call with your questions.