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is there a way to avoid IL state income tax increase?
Was wondering if my husband increased his distribution to his 401K or we started investing in an ira would that help us to avoid paying such an increase in state taxes by next year? Or if this won't work, is there anything else we can do? I am looking for legit ways to avoid the higher taxes. Moving out of IL is not an option right now.
am i correct to think that contributing to a retirement account will help avoid state tax?
3 Answers
- Anonymous1 decade agoFavorite Answer
You can always reduce your tax liability by contributing to retirement accounts. This has nothing to do with the increase, which you will have to pay anyway. But Illinois state income tax is still among the lowest in the region.
- Go with the flowLv 71 decade ago
Hiding money in a 401K or a tax-deductible IRA is always a way to save money...
