Chicago Accounting Articles

Updated July 24, 2015   Tax Return Status Chicago Illinois   Status of Income Tax Return Chicago Illinois You may check the status of your tax return by calling or mailing the IRS. The IRS contact telephone numbers and mailing … Continue reading →

Updated July 24, 2015   Tax Penalties Chicago Illinois   What Penalties Does the IRS Impose?   If you do not file your return and pay your tax by the due date, you may have to pay a penalty. You … Continue reading →

Updated July 24,2015   Income Tax Credit Chicago Illinois   What is a Tax Credit?   A tax credit is a sum deducted from the total amount a taxpayer owes to the government. A tax credit may be granted for … Continue reading →

Updated July 27, 2015   Auditing and Amending Tax Return Chicago Illinois   Once the audit of a tax return has been completed, you will receive a list of changes from the Internal Revenue Service or The Illinois Department of … Continue reading →

Updated July 24, 2015   2011 Tax Bracket Chicago Illinois   Earnings tax rates, and filing statuses for 2011   2011 Tax Rates   Tax Rate Single Filers Married filling jointly or qualifying widow/widower Married filling separately Head of household … Continue reading →

Updated July 24, 2015   Business Income Tax Chicago Illinois   The business income tax or your company’s taxes depends entirely on the type of entity. If you are a corporation, then there is one set of tax brackets. If … Continue reading →

Updated July 27, 2015   What Is Corporation Tax Chicago Illinois   There are many different types of corporations from an Income tax standpoint. The two most prevalent are regular corporations and s corporations. A regular corp or c corp … Continue reading →

Updated July 24, 2015   Corporate Tax Rates Chicago Illinois   Tax Rate Schedule for Corporations For Tax Years Beginning in 2011   If the taxable income is The Tax is Of the Amount Over $0 – $50,000 15% 0 … Continue reading →

Updated July 24, 2015   Date For Tax Return Chicago Illinois   Corporation income tax returns are due seventy-five days after the year end of the entity. If you have a C Corp or what is commonly referred to as … Continue reading →

Updated July 24, 2015   What Is A Tax Extension Chicago Illinois Extension Tax   Tax extensions extend the amount of time necessary to file the return itself. They do not extend the due date of any payment which will … Continue reading →