Income Tax Rate: For information on the Illinois state income tax rate, visit: https://www2.illinois.gov/rev/research/taxrates/Pages/default.aspx
Franchise Taxes and License Fees
Illinois requires the payment of a franchise tax and license fee for the exercise of franchises in the state, which is generally due at the time the corporation files its share issuance reports.
Federal Tax Identification Numbers
Every corporation must obtain a federal tax identification number, which is similar to an individual’s social security number. United Agent Services can prepare your Federal Tax ID Application if you have not already done so.
In addition, United Agent Services can prepare your S-Corporation election. An S-corporation is a corporation that elects to be treated as a pass-through entity (such as a sole proprietorship or partnership) for tax purposes. S-corporations are thus not subject to double taxation. S corporation status is recognized by the Illinois Secretary of State.
Illinois Filing Fees
In addition to preparation of your incorporation documents, United Agent Services will also file them with the appropriate state agency.