Illinois Information Statement - Common Stock
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How to fill out Information Statement - Common Stock?
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To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.
Line 14 asks you to add up line 12 and 13 for the total value of your deductions from the previous three lines. Line 15 is where you finally find your taxable income, which is your adjusted income (line 11) minus line 14. If your taxable income is zero or less, write zero on this line.
Illinois taxes an S Corp owner differently, too. You pay income tax based on your salary and distributions. Plus you pay an S Corp tax rate of 1.5% on your business's full taxable income. Long story short: Forming an S Corp has a chance of reducing the amount you owe in federal taxes.
To form an Illinois S corp, you'll need to ensure your company has an Illinois formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
Subchapter S corporations and partnerships pay replacement tax of 1.5 percent (. 015). S corporations and partnerships do not pay Illinois Income Tax. Generally, income from an S corporation or partnership is passed on to the shareholders or partners.
How Much Is an S Corp in Illinois? Because you don't have to separately register an S Corp in Illinois, there's no state-based fee to obtain this tax election. However, you'll pay these fees to register your LLC with the state, which is required to become an S Corp: File articles of organization: $150.
Usually, S corporations in Illinois are audited less frequently than partnerships and sole proprietorships. S corporations in Illinois enjoy the advantages of pass-through taxation. This means that the shareholders can avoid the dreaded double taxation that applies to C corporations.
Line 20 allows you to deduct contributions you made to a traditional IRA, as long as you made it with money you already paid income tax on.