LLC fees in Illinois
$150
Are LLC Fees Tax Deductible in Illinois?
Short answer: Yes, as a business expense: Illinois charges $150 to form an LLC; ongoing: $75 annual report. Due before the first day of the anniversary month. Not verified here: Illinois Personal Property Replacement Tax (1.5%) on partnership-taxed LLC income.
Annual report fees and state LLC taxes are ordinary business expenses (IRC §162). Formation fees are organizational costs: deduct up to $5,000 the first year and amortize the rest over 15 years (IRC §195, §709).
Records to keep: Keep the state filing receipt, proof of payment, and your LLC's formation and annual report confirmations.
LLC fees in Illinois
$150
General Business
Yes, as a business expense: Illinois charges $150 to form an LLC; ongoing: $75 annual report. Due before the first day of the anniversary month. Not verified here: Illinois Personal Property Replacement Tax (1.5%) on partnership-taxed LLC income.
Business justification
Yes, as a business expense: Illinois charges $150 to form an LLC; ongoing: $75 annual report. Due before the first day of the anniversary month. Not verified here: Illinois Personal Property Replacement Tax (1.5%) on partnership-taxed LLC income. Annual report fees and state LLC taxes are ordinary business expenses (IRC §162). Formation fees are organizational costs: deduct up to $5,000 the first year and amortize the rest over 15 years (IRC §195, §709).
Category
- Tax Write-Off Rules