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IMPORTANT TAX UPDATES!

I found these federal statistics interesting … “Did you know?”…

• Upper incomers are 1% of all earners and have an income of $481,000 and above.
• They pay 40% of ALL federal income taxes.
• The top 5% earners with income of $196,000 and more…pay 60% of all taxes.
• 10% of the population with $138,000 paid 10% of federal income taxes.
• The bottom 50% of all filers paid 3% of federal taxes.
• Just FYI the Illinois tax rate is up 5%.

REMEMBER…

If you are going to owe $1,000 or more on your FEDERAL TAXES, expect a letter and penalty charge for not putting in an estimate.

The limit for Illinois is $500 ~ OR ~ you guessed it… LETTER AND PENALTY.

I will update as pertinent important news becomes available, and Congress does their job.