Latex paint and stain can be disposed of in the regular trash with the lid off if the paint is totally dried up. If not dry, just take the lid off and mix in some kitty litter or oil dry and leave it sit a few days until it solidifies. Then you can throw it in with your trash. If it's a latex aerosol, you need to spray out the paint first. The trash hauler will not take any cans that have lids on them because they have no way of knowing if the paint inside is solidified or not, so be sure to leave the lids off! Totally empty paint cans can be put in the recycling bin with lids off (some paint residue is OK).
Oil based paints and stains (cans or aerosol), must be taken to the hazardous waste drop off site in Naperville. Some paint stores will also accept the paint for recycling, but they usually charge a fee (around $8 per gallon).