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2015 Form IL-1120-ST, Small Business Corporation Replacement Tax Return - tax illinois

2015 Form IL-1120-ST, Small Business Corporation Replacement Tax Return - tax illinois-2026

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The document is the 2015 Form IL-1120-ST, a Small Business Corporation Replacement Tax Return for Illinois. It provides instructions for small business corporations to report their income, calculate taxes owed, and submit necessary information regarding their financial activities and partners or shareholders. The form includes sections for identifying the corporation, detailing income and losses, calculating net income and replacement tax, and providing partner information through Schedule B.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your complete legal business name and federal employer identification number (FEIN) in Section A. Ensure accuracy as this information is crucial for processing.
In Section B, provide your mailing address. If there are any changes or if this is your first return, check the appropriate boxes.
Proceed to Section C and indicate if this is a first or final return. If applicable, enter the date sold and the new owner’s FEIN.
Continue filling out the income sections by reporting ordinary income or loss from various activities as outlined in Steps 2 through 9. Use our platform's features to easily navigate between fields.
Finally, review all entries for accuracy before signing at Step 10. Utilize our platform's tools to ensure everything is complete and correct.

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What is the replacement tax in Illinois for small business corporations?

Illinois also requires traditional corporations, S corporations, LLCs, and partnerships to pay a personal property replacement tax. This tax is based on a businesss net income. For traditional corporations, the tax is 2.5% of net income, and for other forms of business, the tax is 1.5% of net income.

Do small business owners get taxed twice?

If you own a business, double taxation is a situation youd want to avoid. This occurs when a corporation is taxed on its profits, and then shareholders face additional personal taxes on any dividends or capital gains they receive from the corporation.

What is the tax rate for small business in Illinois?

Illinois business income tax The business income tax rate is 7% of your net income. S corporations, partnerships, standard LLCs, and sole proprietorships dont pay Illinois business income tax.

Can I file IL-1120-ST online?

You can electronically file Forms IL-1120, Corporation Income and Replacement Tax Return; IL-1065, Partnership Replacement Tax Return; IL-1120-ST, Small Business Corporation Replacement Tax Return; IL-1041, Fiduciary Income and Replacement Tax Return; and any attachments and payments through our partnership with the

Who is required to pay Illinois replacement tax?

This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.

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

What is the corporate replacement tax in Illinois?

Corporate Income Tax: Illinois levies a 7% corporate income tax on net income. Replacement Tax: In addition, C corporations are subject to a 2.5% replacement tax on net income. This is a total of 9.5% between the corporate income tax and replacement tax.

2015 Form IL-1120-ST, Small Business Corporation Replacement Tax Return - tax illinois-2026

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