Illinois Tax Lawyers

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In Illinois "taxes" are monies taken from persons or corporations by the government, at a rate set by law.

The taxes that Illinois collects pay for necessary public services like roads, firefighters, police, courts, schools, and many other benefits that come with living in a modern society.

Everyone who legally resides in Illinois is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a significant criminal offense, punishable by jail time and large fines.

Sources of Tax Revenue in Illinois

Taxes in Illinois can be derived from a large number of different sources, and in different amounts. The most typical sources of tax revenue nationwide are Sales Tax, Income Tax, and Property Tax.

Sales Tax: Most states collect a tax on the sales of goods. In Illinois, the sales tax is calculated as a percentage of the sale price of most (but typically not all) items. Technically, the tax is assessed against the sellers of goods. But, the vast majority of vendors pass this tax onto their customers, adding it to the marked price of a product at the point of sale.

Income Tax: In Illinois, the "income tax" is exactly what the name implies: a tax on the income of individuals and corporations. Everybody in the United States has to pay the federal income tax. Thus, even if the state you live in doesn't have a personal income tax, you are responsible for the federal tax. However, the majority of states have their own income tax, though it's usually much lower than the federal tax. Depending on how much money you make per year, your income will be taxed at a rate ranging from 10% to 33%.

Property Tax: In Illinois, a property tax only applies to people who own real estate (land or houses). Typically, the state appraised (estimates the value of) every piece of real estate under its jurisdiction. It then imposes on owners an annual tax calculated as a percentage of the property's appraised value. Property tax can be paid in various ways, but many people have arrangements authorizing them to pay their property taxes in manageable monthly installments, right alongside their mortgage payments. Sometimes, the mortgage and tax can be bundled into a single payment.

How Can A Illinois Tax Lawyer Help?

Everybody in Illinois who engages in any form of economic activity, whether it's working at a grocery store, or owning one, is going to have to pay taxes.

Tax Law in Illinois can get fairly confusing. In fact, many lawyers in Illinois who practice tax law specialize in that field, and don't practice any other area of law. This should give you a sense of how complicated tax issues can become. Consequently, if you have any legal issue that involves your taxes in Illinois, you should consult with an efficient tax lawyer ASAP.

Interesting Facts About Illinois

Illinois is nicknamed "The Prairie State" and "The Land of Lincoln". It has the fifth largest population in all of the U.S. and achieved statehood in the year 1818. With its broad industrial base and economic productivity, it is sometimes referred to as a "microcosm" of America. Illinois is often looked to as a bellwether in terms of social, cultural, and political trends.

Of the 50 states, Illinois is noted for having a distinct and variegated system of governance. At the local level, Illinois' government is perhaps the most complex of all states. Many different districts have been created for specific functions. For example, there are school districts, library districts, sanitary districts, watershed districts, land use districts, and many others. These individual miniature government units often have their own taxing and election authority.

In contrast to its local governance system, the court system of Illinois is relatively simple. It is composed of Circuit Courts, Appellate Courts, and the Illinois Supreme Court. Most legal claims in Illinois are processed at the circuit court level. Appeals and more complex matters are typically heard in the Appellate Courts or at the Supreme Court.

The Supreme Court of Illinois maintains the "Supreme Court Commission of Professionalism". The Commission is responsible for maintaining the professional standards for lawyers, judges, and for the justice system overall. Lawyers in Illinois practice law according to these standards, thus ensuring the quality of legal services provided to clients. Illinois lawyers are also familiar with the state's complex governance system.