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What is the state and local tax rate for Illinois?

Illinois has a 6.25 percent state sales tax rate, a 4.75 percent max local sales tax rate, and an average combined state and local sales tax rate of 8.81 percent. Illinois's tax system ranks 36th overall on our 2022 State Business Tax Climate Index.

Where is the inventory section in TurboTax?

Click update/start next to "Business Income and Expenses". Select "Edit" next to your business name (or add your business information here if you haven't already). Scroll down to "Inventory / Cost of Goods Sold" and click "Start" to begin entering your inventory.

What's the sales tax in Illinois?

The Illinois' general state sales and use tax rates are: 6.25 percent on general merchandise, including items required to be titled or registered by an agency of Illinois state government; and. 1 percent on qualifying foods, drugs, and medical appliances.

How do u figure out sales tax?

How to Calculate Sales Tax. Multiply the price of your item or service by the tax rate. If you have tax rate as a percentage, divide that number by 100 to get tax rate as a decimal. Then use this number in the multiplication process.

Where do I enter ST-556 in TurboTax?

Please follow the steps below to enter the ST-556 in TurboTax CD/Download software: Go to Federal Taxes(Personal in Home & Business) at the top, then Deductions and Credits. Then select "I'll choose what I work on. Then scroll down to "Estimates and Other Taxes paid." Next click Start/Revisit next to Sales Tax.

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