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Illinois Department of Revenue 2016 Schedule 1299D Instructions What's new for 2016? General Information Short year and fiscal year filers The River Edge Redevelopment Zone Investment Credit has expired

How to fill out short-year and fiscal-year filers

How to fill out short-year and fiscal-year filers

1. Determine whether you are a short-year or fiscal-year filer. Short-year filers have a tax year that is less than 12 months, while fiscal-year filers have a tax year that does not end on December 31.
2. Gather all necessary financial records such as income statements, balance sheets, and expense receipts.
3. Determine your filing status and gather any relevant personal information such as social security numbers or employer identification numbers.
4. Calculate your taxable income by subtracting any eligible deductions and credits from your total income.
5. Complete the appropriate tax forms based on your filing status and tax year. This may include Form 1040 or Form 1120, among others.
6. Double-check all calculations and ensure that all required information is provided accurately.
7. Sign and date the tax forms, attach any necessary supporting documentation, and send them to the appropriate tax authority.
8. Keep copies of all tax forms and supporting documentation for your records.
9. Pay any taxes owed or claim any refunds based on your tax filing.

Who needs short-year and fiscal-year filers?

1. Short-year filers are typically individuals or businesses that have undergone significant changes in their tax year, such as starting or closing a business in the middle of the year.
2. Fiscal-year filers are typically businesses whose tax year aligns with their fiscal year, which may be different from the calendar year.
3. Some corporations may also choose to be fiscal-year filers for strategic financial planning purposes.
4. It is important to consult with a tax professional or refer to the relevant tax laws to determine if you are required to file as a short-year or fiscal-year filer.

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What is short-year and fiscal-year filers?

Short-year filers have a fiscal year that is less than 12 months, while fiscal-year filers have a fiscal year that does not follow the calendar year.

Who is required to file short-year and fiscal-year filers?

Corporations, partnerships, and other entities that have a fiscal year that is different from the calendar year may be required to file as short-year or fiscal-year filers.

How to fill out short-year and fiscal-year filers?

Short-year and fiscal-year filers must report income, expenses, and other financial information for the period covered by the fiscal year on the appropriate tax forms.

What is the purpose of short-year and fiscal-year filers?

The purpose of short-year and fiscal-year filers is to accurately report financial information for corporations and other entities that do not follow the calendar year for accounting purposes.

What information must be reported on short-year and fiscal-year filers?

Short-year and fiscal-year filers must report income, expenses, assets, liabilities, and other financial information for the period covered by the fiscal year.