New IL Law = Tax Saving Strategy
New Illinois law allows corporations to pay for the Illinois state taxes and get the deduction against future federal income, resulting in lowering your taxes.
We are taking advantage of this opportunity on your behalf. Once a business opt-in, the business is required to make quarterly estimated payments. 2022 estimated payments will be set automatically via MyTax IL website.
The amount due to IL on your corporate tax return includes this payment and will be credited to your personal income tax return.
Click here to read more about it on the Illinois website.