CHICAGO, IL – The countdown is on!
The dreaded April 18th Tax Day is quickly approaching so, if you haven’t already filed your taxes, you had better to get to it.
There are lots of changes and some could put you in a pinch if you wait until the last minute.
The “Standard Deduction” before you owe federal income taxes is $12,550 for most single people and $25,100 for married couples for 2021.
WGN News Now talked to CPA Dan Rahill, Managing Director of Wintrust Wealth Management about what you need to know before you file.
Rahill answered viewer tax questions in the video above and also shared some important tips.
He said the IRS is backlogged on processing tax returns and recommended people file their taxes electronically.
He suggested using the IRS tax prep tool Free File. Rahill also recommended using the State of Illinois’ online tax site MyTax Illinois but also cautioned that you need a letter from the State to set up the account, and it takes seven to ten days to receive it in the mail.
Rahill reminded viewers that stimulus checks are considered a tax credit and not considered taxable income.
He said some people may be owed even more money because they may not have received the full amount of the the tax credit initially.
He also talked about the advanced child tax credit. He said it’s fully refundable and a lot of families will get a refund even if they don’t owe any taxes.
Below are some of the various tax topics Rahill discussed with WGN News Now’s Chip Brewster in the above video:
- Filing a zero income return as a homeless person
- Free tax services
- IRS backlog
- Realtor fees and capital gain
- My Tax Illinois
- 1099K and online sales
- Stimulus Checks
- Advanced Child Tax Credit
- Reducing tax obligations & HSAs
- SALT $10k cap
- RMDs
- Earned Income Tax Credits –
- Charitable Donations
- How newlyweds should file?
If you have tax questions you need answered, contact the Illinois CPA Society.
