Get the free Form IL-1120-ST

This document is a tax form used by small business corporations in Illinois to report their income or loss, as well as the Illinois replacement tax for the fiscal year specified.

How to fill out form il-1120-st

How to fill out Form IL-1120-ST

1. Obtain Form IL-1120-ST from the Illinois Department of Revenue website.
2. Read the instructions carefully to avoid errors.
3. Fill in the business name and address at the top of the form.
4. Provide the federal employer identification number (FEIN) for your business.
5. Indicate the tax year for which you are filing the form.
6. Complete the income section by reporting total gross receipts.
7. Deduct any applicable expenses to determine net income.
8. Input any credits or taxes that apply to your business.
9. Calculate the total tax due based on the instructions provided.
10. Review the completed form for accuracy.
11. Sign and date the form before submitting it to the appropriate address.

Who needs Form IL-1120-ST?

1. Any corporation doing business in Illinois that has gross receipts of less than $1 million.
2. S Corporations that elect to file under the IL-1120-ST due to their small size.
3. Businesses that prefer a simplified tax return for their corporate income.

People Also Ask about

What is Illinois form IL-1120-St?

You must file Form IL-1120-ST if you are a small business corporation (“S corporation”), as defined in Internal Revenue Code (IRC) Section 1361(a), that • has net income or loss as defined under the Illinois Income Tax Act (IITA); or • is qualified to do business in the state of Illinois and is required to file federal

What is IL ST tax?

Illinois Tax Rates, Collections, and Burdens Illinois has a 9.5 percent corporate income tax rate. Illinois also has a 6.25 percent state sales tax rate and an average combined state and local sales tax rate of 8.86 percent.

What is form 1120 in the USA?

Purpose of Form Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.

Do I have to file an IL tax return?

Illinois Residents You must file an Illinois income tax return if: You were required to file a federal return, or. You were not required to file a federal return but your Illinois income exceeds your exemption allowance.

What is form IL-1120-ST for?

You must file Form IL-1120-ST if you are a small business corporation (“S corporation”), as defined in Internal Revenue Code (IRC) Section 1361(a), that • has net income or loss as defined under the Illinois Income Tax Act (IITA); or • is qualified to do business in the state of Illinois and is required to file federal

For pdfFiller’s FAQs

What is Form IL-1120-ST?

Form IL-1120-ST is a state tax return form used by certain corporations in Illinois to report their income, deductions, and tax liability to the Illinois Department of Revenue.

Who is required to file Form IL-1120-ST?

Corporations that meet specific criteria, including those with a total gross income of less than $500,000 and doing business in Illinois, are required to file Form IL-1120-ST.

How to fill out Form IL-1120-ST?

To fill out Form IL-1120-ST, taxpayers need to provide their company's basic information, report income and expenses, calculate tax liability, and sign the form. Detailed instructions specific to the current tax year are provided by the Illinois Department of Revenue.

What is the purpose of Form IL-1120-ST?

The purpose of Form IL-1120-ST is to allow eligible corporations to report their state tax obligations accurately and efficiently, potentially benefiting from a simplified filing process.

What information must be reported on Form IL-1120-ST?

Information that must be reported on Form IL-1120-ST includes the corporation's name, address, federal Employer Identification Number (EIN), total receipts, cost of goods sold, total income, allowable deductions, and the net income or loss.