The State of Illinois has increased the income tax rates beginning on July 1, 2017. For individuals, trusts, and estates, the Illinois Income Tax is increasing from 3.75% to 4.95%. For corporations (excluding S corporations), the Illinois Income Tax is increasing from 5.25% to 7%. There is no change in the Illinois Replacement Tax rate…. …Continue Reading
The 2017 standard mileage rate for business drops to $0.535 per mile. The rate was $0.54 in 2016.
The Protecting Americans from Tax Hikes Act of 2015 permanently extends the tax-favored business expensing provision at $500,000 with a $2 MM investment limit before the phaseout. Beginning in 2016, these amounts will be indexed for inflation. The Act also made permanent the 15-year depreciation for qualified leasehold improvements and removes the $250,000 cap beginning… …Continue Reading