SPRINGFIELD, Ill. -- Tax Season officially starts next week and Governor Pat Quinn wants to help residents get more of their money back.
Last year, Quinn signed legislation doubling the Earned Income Tax Credit in Illinois over the next two years.
Under the new law, a single mother with one child, earning minimum wage ($12,800 a year), will save $154 on her state income taxes for 2012 ($205 in 2013). A married couple with three children earning $30,000 a year will save $199 on their 2012 state income taxes ($265 in 2013). A married couple with three children and earning just over $50,000 could be eligible for up to $5,891 in state and federal tax relief. For more information about how much money taxpayers could save, visit EITC.Illinois.gov.
"There is bad news and good news. The bad news is that on the federal level taxes actually went up. So a lot of the low income families that we are serving are probably going to have an increased bite taken out of their paychecks, because the payroll tax was eliminated on January 1st. The good news is that for low and moderate income families in Illinois - that would be basically offset by the EITC," said David Marzhal, President of the Center for Economic Progress.
METEC in Peoria, and most public libraries throughout the state are serving as Free Tax Assistance Sites for low and moderate income families and individuals.
For more information on the Tax Counseling Project, call the toll-free statewide number at 888-827-8511. For information on the Tax Assistance Program call 312-409-1555 or 312-409-4318 (Spanish). Details are also available on the DHS website at www.dhs.state.il.us and the Department of Revenue website at www.revenue.state.il.us.
Information about filing federal taxes online can be found at www.irs.gov.