Get the free 2007 Form IL-1120

Illinois Department of Revenue 2007 Form IL1120 Corporation Income and Replacement Tax Return Due on or before the 15th day of the 3rd month following the close of the tax year. If this return is

How to fill out 2007 form il-1120

How to fill out 2007 form il-1120

1. To fill out the 2007 form IL-1120, follow these steps:
2. Start by opening the form IL-1120, which can be obtained from the Illinois Department of Revenue website or from your tax professional.
3. Identify your business information and provide the necessary details, such as the legal name of your business, address, and federal employer identification number (FEIN).
4. Report your tax year and select the correct filing status for your business.
5. Calculate your business income and deductions separately, following the instructions provided in the form.
6. Enter your subtractions and credits, if applicable.
7. Complete Schedule J to calculate Illinois apportionment factors.
8. Fill out the Illinois income tax schedule (Schedule M) and any other required schedules or attachments that apply to your business.
9. Calculate your tax liability using the provided worksheets and tables.
10. Sign and date the form, and include any required additional documents or schedules.
11. Double-check your entries and make sure that all the necessary information is provided.
12. Keep a copy of the completed form for your records.
13. Submit the form IL-1120 to the Illinois Department of Revenue along with any required payment or supporting documents.
14. Note: It is always advisable to consult with a tax professional or refer to the official instructions provided by the Illinois Department of Revenue when filling out the form IL-1120.

Who needs 2007 form il-1120?

1. The 2007 form IL-1120 is used by corporations and entities that are required to file an Illinois Corporation Income and Replacement Tax Return for the tax year 2007.
2. Specifically, it is used by C corporations, S corporations, partnerships, limited liability companies (LLCs), and other business entities that have a tax filing obligation in Illinois for the tax year 2007.
3. Individuals or sole proprietors generally do not need to use this form.
4. However, it is important to consult with a tax professional or refer to the official guidelines provided by the Illinois Department of Revenue to determine whether you need to file the form IL-1120 for the specific tax year.

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What is form il-1120?

Form IL-1120 is the Illinois Corporation Income Tax Return form.

Who is required to file form il-1120?

All corporations (including S corporations) doing business in Illinois or deriving income from Illinois sources are required to file Form IL-1120.

How to fill out form il-1120?

Form IL-1120 must be filled out with detailed information about the corporation's income, deductions, credits, and other relevant financial information.

What is the purpose of form il-1120?

The purpose of Form IL-1120 is to report the corporation's income, calculate the tax due, and pay any taxes owed to the state of Illinois.

What information must be reported on form il-1120?

The information that must be reported on Form IL-1120 includes the corporation's income, deductions, credits, tax due, and any other relevant financial information.