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For typical LLCs (those not electing to be taxed as corporations) the tax is 1.5% of net income. The tax is payable to the Illinois Department of Revenue (IDOR). Use Form IL-1065 to pay the tax. In some cases, the owners of an LLC choose to have their business treated like a corporation for tax purposes.
Benefits of filing an extension More time and less stress means youll be able to thoroughly review your return and ensure youre taking advantage of all the tax benefits available to you. Youll also avoid failure-to-file penalties, which can add up to 25% of the tax due.
You should file Form IL-505-I, Automatic Extension Payment for Individuals, to pay any tax you owe in order to avoid penalty and interest on tax not paid by the original due date of your return, even if you plan to file your return after the original due date and during the automatic extension period.
The purpose of Form IL-505-I, Automatic Extension Payment, is to provide taxpayers who are unable to file their tax return by the due date a means of calculating and remitting their tentative tax liability (including any other taxes you will report on your Form IL-1040) on or before the original due date of the return
Illinois Tax Extension Form: Illinois tax extensions are automatic, which means there is no application or written request to submit. Illinois Tax Extension Tips: If you have an approved Federal tax extension (IRS Form 4868), you will automatically receive an Illinois tax extension.
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You can find Illinois mailing addresses here. If you filed a tax extension, you can e-File your Taxes until October 16, 2023 without a late filing penalty. However, if you owe Taxes and dont pay on time, you might face late tax payment penalties.
The extension to November 15, 2022, is automatic; no additional action is required by corporate taxpayers to request the additional extension.
The Illinois Department of Revenue (IDOR) sends letters and notices to request additional information and support for information you report on your tax return, or to inform you of a change made to your return, balance due or overpayment amount.
Automatic Illinois six-month extension We automatically grant you a six-month extension of time to file your tax return. For calendar year filers, the filing date is automatically extended to October 17. You are not required to file Form IL-505-I to obtain this automatic extension.
You can find Illinois mailing addresses here. If you filed a tax extension, you can e-File your Taxes until October 16, 2023 without a late filing penalty. However, if you owe Taxes and dont pay on time, you might face late tax payment penalties.

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