When filing sales tax in Illinois you need to calculate how much you owe, files a sales tax return, and make your payment.
Calculating How Much You Owe
There several tools online to help you calculate your sales tax return. Connect all the channels through which you sell your products (your online store, amazon, ebay, etc.) and calculate by adding up all of the sales tax you collect. If you need help will this Founder’s CPA can help.
How to File and Pay Sales Tax in Illinois
There are two options for filing and paying your Illinois sales tax:
- File online – File easily online at MyTax Illinois.
- File by mail – You can use Form ST-1 and file and pay through the mail.
Be aware of the late filing and payment penalties. Do not miss your due date! Illinois charges a 2% penalty of the tax due for late filing. For late payment Illinois charges 2% if within 30 days, 10% if not paid within 90 days, 15% for 180 days, and 20% for anything above that. Get those payments in!
Other penalties include ‘Zero Returns’. If you hold a sales tax permit you must file a sales tax return, even if you don’t have any sales tax to report or pay.
Many states offer discounts on sales tax for filing on time. Illinois offers the greater of 1.75% savings or $5 for the calendar year. Make sure you get those returns in and save yourself some money!
That wraps up our Illinois Sales Tax Guide for Small Businesses. For any questions or help on any of these matters, or other tax or accounting related issues don’t hesitate to accept a free consultation through Founder’s CPA or visit our services page for more info.
Written by Curt Mastio, C.P.A. of Founder’s CPA