Your paycheck should be a little smaller…is it?

                                                                                                                                        Full article:      http://tax.illinois.gov/Publications/Bulletins/2018/FY-2018-02.pdf 

You may or may not know that IL has increased the state income tax from 3.75% to 4.95%.  This was effective July 1st.  Your employer should have made the change on your tax withholding.

What you need to do:

Check a paystub from June and look at the amount withheld fro IL state income tax.

Check your most recent paystub and see if the amount has increased.  If not, ask your payroll or HR department when the change will take effect.

You do not want to owe IL when you file for 2017!

 

Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Carla J. Merlak are independent of each other.