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 2016 rate for business driving is 54 cents per mile, down from 57.5 cents per mile in 2015. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.