Business Tax
Business Tax Returns for Illinois Companies
S corporation, partnership, LLC and corporate returns, filed from books we trust.
Why owners call about business tax
Each one is a conversation we have had this month.
- You formed an LLC and nobody told you which return it files
- Someone suggested an S corporation election and you want the arithmetic
- Partners need K-1s and last year they arrived late enough to delay everyone
- The business owes Illinois replacement tax and the annual report date keeps moving
- You pay yourself whatever sits in the account
- Your books and your return have disagreed for two years
What sets the price
Business returns are quoted per entity once we have seen a set of books and last year’s return. Clients whose books we keep pay less, because half the work is done.
- Which return the entity files, and how many owners take a K-1
- Whether we keep the books or reconcile someone else’s
- How many states the business has activity in
- Payroll, inventory, or fixed assets to depreciate
- A formation, an election, a sale or a closure during the year
Quoted per return · 1120-S, 1065, 1120
How it starts
Nobody signs anything before a number is on the table.
We review the books first
A return is only as good as the records under it. Where we do not keep the books ourselves, we reconcile them and report what we corrected.
We settle owner pay
Salary against distribution, documented, before the numbers harden. This decision carries the most money and gets the least attention.
Federal and Illinois go out together
The federal return, the Illinois return and every K-1 leave as one package, so no owner waits on a form to finish a personal return.
Next year gets a calendar
Estimated payments, the annual report and the replacement tax go on a schedule we keep. You hear from us before a date, never after it.
Trades we do this for
Every industry page lists the returns, the form numbers and the dates.
Business Tax
Common questions
When are business tax returns due in Illinois?
S corporations and partnerships file by March 15. C corporations file by April 15. Both dates move to the next business day on a weekend or holiday, and both extend six months. An extension moves the filing deadline and leaves the payment deadline where it was.
Should my LLC elect S corporation status?
Sometimes. The election saves self-employment tax on profit above a reasonable salary, and adds payroll filings, a separate return and more bookkeeping. Below roughly $50,000 of profit the added cost often eats the saving. We look at your numbers before answering.
Do you file the annual report with the Illinois Secretary of State?
Yes, on the same calendar as your tax filings.
What is Illinois replacement tax?
A state tax on business income, charged on top of anything the owners pay personally. Partnerships and S corporations pay one rate, C corporations a higher one. Owners who assumed a pass-through entity owed the state nothing find this one late.
My business made no money this year. Do I still file?
Yes. A partnership or S corporation files whether or not there was profit, and the late-filing penalty runs per owner per month regardless of the result. A quiet year is the cheapest return to file and the most expensive one to skip.
Will you take over a return another accountant started?
Yes, and mid-season handovers happen often. Send last year’s return plus whatever the current preparer produced, and we will list what still needs doing before we quote.
Get your price this week
The first conversation is free. We read three months of statements, quote a flat figure and hold it. We reply the same working day.