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In Illinois, filing an error-free state tax return and requesting that the refund amount be deposited directly into a checking or savings account is the surest way of receiving the amount quickly ...
Asset levy: The government can take your assets, such as your house or car, and then sell them. The proceeds of the sale, after paying off any debts on the property and the costs of the sales ...
Illinois: Elderly and the disabled were the only two groups that could qualify for the property tax circuit breaker program in the state of Illinois. The guidelines for eligibility were set by income with $27,610 being the maximum income for a single person household, $36,635 for two people, and $45,657 for three or more people. [ 5 ]
The basic idea is, if government funds make a property more valuable, the government has the right to get money back from a property owner. This contrasts significantly with an ad valorem tax which is extracted to fund government operations that are designed to benefit all citizens.
The levy "includes the power of distraint and seizure by any means". [1] The general rule is that no court permission is required for the IRS to execute a tax levy. [2] While the government relies mainly on voluntary payment of tax, it retains the power of levy to collect involuntarily from those who persistently refuse to pay.
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
The Illinois Department of Revenue (IDOR) is the code department [1] [2] of the Illinois state government that collects state taxes, operates the state lottery, oversees the state's casino industry, oversees the state's thoroughbred and harness horse racing industries, and regulates the distribution of alcoholic beverages throughout Illinois, including beer, wine, and liquor. [3]
Learn how to avoid an IRS levy on your assets. Need help? Call us! 800-290-4726