While state and federal income tax returns will not be due Wednesday because of the COVID-19 pandemic, those who pay estimated taxes each quarter will be required to make payments to the state of Illinois next week.
Federal and state of Illinois 2019 income tax returns — and tax payments for individuals and corporations— are now due July 15.
However, the state of Illinois will be collecting 2020 first-quarter estimated payments on Wednesday. According to the Illinois Department of Revenue, less than 5% of people who filed Illinois returns pay estimated taxes.
Estimated payments will be applied to 2020 income taxes, to be reflected in returns filed in 2021.
Who pays estimated taxes: mainly the self-employed. People have taxes withheld on their paychecks may make estimated payments if they have outside income.
More information on how to figure estimated payments due on Wednesday can be found at https://www2.illinois.gov/rev/research/publications/bulletins/Documents/2020/FY2020.
If you are expecting a 2019 refund — and you have access to your documents — you may want to file your federal and state income tax returns.
To get refunds quickest, file electronically and sign up for direct deposit to a checking or savings account.
