Illinois Filing System for a Business
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How to fill out Filing System For A Business?
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Business Registrationelectronically register through MyTax Illinois (approximately one to two days to process);complete and mail Form REG-1, Illinois Business Registration Application, to us at the address on the form (Form REG-1 is available on our web site as a fill-in and savable form.visit one of our offices.
Limited liability companies (LLCs) can also choose to be treated as a corporation by the IRS, whether they have one or multiple owners. In that situation, they must also file their taxes using Form 1120, which means the owners must file their personal and business taxes separately.
File Using MyTax IllinoisFile & Pay Use Tax (ST-44) - Should only be used by businesses that are not required to register for sales and use taxes. A taxpayer registered to file Form ST-1 should report any use tax liability on that form rather than Form ST-44.File Most Business Tax Forms Using MyTax Illinois.
How to Form a Corporation in IllinoisChoose a Corporate Name.File Articles of Incorporation.Appoint a Registered Agent.Prepare Corporate Bylaws.Appoint Directors and Hold First Board Meeting.File Annual Report.Obtain an EIN.
If the LLC is a corporation for federal income tax purposes, and files a federal Form 1120, U.S. Corporation Income Tax Return, for Illinois purposes the LLC will file Form IL-1120, Corporation Income and Replacement Tax Return.
For typical LLCs (those not electing to be taxed as corporations) the tax is 1.5% of net income. The tax is payable to the Illinois Department of Revenue (IDOR). Use Form IL-1065 to pay the tax. In some cases, the owners of an LLC choose to have their business treated like a corporation for tax purposes.
This tax is based on a business's net income. For traditional corporations, the tax is 2.5% of net income, and for other forms of business, the tax is 1.5% of net income. Due dates vary depending on the legal form of your business.
Top 5 Tips on Registering a Business in IllinoisForming an LLC costs $500 and a $250 annual fee. The fee for a corporation varies, but is usually $125 to start and $100 annually.
Online ITR for business incomeStep 1: Visit the official website for the filing of ITR-4, which is the income tax e-filing portal 2: Log in to your account by entering PAN, password, and the Captcha code.Step 3: On the "e-file" menu, choose the "Income Tax Return" link.More items...?
You can electronically file your Form IL-1120, Corporation Income and Replacement Tax Return; IL-1065, Partnership Replacement Tax Return; IL-1120-ST, Small Business Corporation Replacement Tax Return; IL-1041, Fiduciary Income and Replacement Tax Return; attachments; and payments; through our partnership with the IRS
