IL ST-556 (1) Instructions 2019 free printable template

Illinois Department of RevenueST556 Sales Tax Transaction Return Instructions (1) for Sales from Illinois Locations Who must file Form ST556? General Information How can I file Form ST556? If you

How to fill out IL ST-556 1 Instructions

How to fill out IL ST-556 (1) Instructions

1. Obtain the IL ST-556 (1) form from the Illinois Department of Revenue website.
2. Fill out the taxpayer information section, including name, address, and ID number.
3. Provide details of the vehicle being purchased, including make, model, year, and VIN.
4. Indicate the purchase price and the trade-in allowance if applicable.
5. Calculate the amount of sales tax due based on the purchase price.
6. Sign and date the form to certify that the information is accurate.
7. Submit the completed form to the Illinois Department of Revenue or to your local tax authority.

Who needs IL ST-556 (1) Instructions?

1. Individuals purchasing a vehicle in Illinois.
2. Dealerships selling vehicles to customers.
3. Anyone who requires a tax exemption on vehicle sales.

Instructions and Help about IL ST-556 1 Instructions

People Also Ask about

Are sales taxes collected from customers and remitted to the state by seller?

Sales taxes are considered “trust taxes” where the seller collects the tax from the customer and remits the collected tax to the appropriate taxing jurisdiction. There are different types of sales taxes imposed by the states. Some states are Seller Privilege Tax states while others are Consumer Tax states.

What is the sales tax remittance threshold in Illinois?

The tax remittance thresholds are: $100,000 or more in cumulative gross receipts from sales of tangible personal property to purchasers in Illinois; or. 200 or more separate transactions for the sale of tangible personal property to purchasers in Illinois.

What is Illinois Form ST 556 for?

If you sell items at retail in Illinois that are of the type that must be titled or registered by an agency of Illinois state government (e.g., vehicles, watercraft, aircraft, trailers, manufactured (mobile) homes), you must report these sales on Form ST‑556, Sales Tax Transaction Return.

How do I remit sales tax in Illinois?

You have three options for filing and paying your Illinois sales tax: File online – File online at MyTax Illinois. You can remit your state sales tax payment through their online system. File by mail – You can use Form ST-1 and file and pay through the mail. AutoFile – Let TaxJar file your sales tax for you.

Is Illinois sales tax accrual or cash?

Payment of sales tax is on an accrual basis and not on a cash basis. Sales tax must be reported and paid with the return for the period in which the sale occurs.

What is ST 556 form for Illinois?

If you sell items at retail in Illinois that are of the type that must be titled or registered by an agency of Illinois state government (e.g., vehicles, watercraft, aircraft, trailers, manufactured (mobile) homes), you must report these sales on Form ST‑556, Sales Tax Transaction Return.

What is an st1 form Illinois?

What is an st1 form Illinois? You must file Form ST-1, Sales and Use Tax and E911 Surcharge. Return, if you are making retail sales of any of the following in Illinois: general merchandise, qualifying foods, drugs, and medical appliances, and/or prepaid wireless telecommunications service.

How do I file local sales tax in Illinois?

You have three options for filing and paying your Illinois sales tax: File online – File online at MyTax Illinois. You can remit your state sales tax payment through their online system. File by mail – You can use Form ST-1 and file and pay through the mail. AutoFile – Let TaxJar file your sales tax for you.

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What is IL ST-556 (1) Instructions?

IL ST-556 (1) Instructions are guidelines provided by the State of Illinois for taxpayers regarding the preparation and filing of the Sales and Use Tax Transaction Return.

Who is required to file IL ST-556 (1) Instructions?

Any individual or business entity that sells tangible personal property at retail or engages in a service that requires the collection of sales tax in Illinois is required to file IL ST-556 (1) Instructions.

How to fill out IL ST-556 (1) Instructions?

To fill out IL ST-556 (1), taxpayers must provide complete and accurate information including their name, address, account number, details of the transaction, items sold, and the calculated tax due based on sales.

What is the purpose of IL ST-556 (1) Instructions?

The purpose of IL ST-556 (1) Instructions is to provide a standardized form for reporting sales and use tax collected and to ensure compliance with Illinois tax laws.

What information must be reported on IL ST-556 (1) Instructions?

The information that must be reported includes the seller's details, buyer's information, description of property or services sold, quantity, sale price, amount of tax collected, and any exemptions claimed.