Question:
I live in Illinois, I have a sales tax ID number, I buy items from drop shippers and sell them on eBay. I am just a regular guy, not a corporation or anything like that. I may make all of my income on eBay. I have to fill out an ‘IL-1040’ income tax form. I do not know many things about this form. Does anyone know how much income within the year I am supposed to make in order to fill out this form? Or maybe I should ask: when do I fill out this form in the year? Does anyone know what the IRS tax percentage is that I deduct from my income? My phone is broken, hence, this question. I went to the IRS website but found nothing on the IL-1040.
Answers:
www.iltax.com
You fill out your IL income tax form immeadiately after you fill out your 1040 for federal taxes. Your Adjusted Gross Income found at the bottom of page 1 or the top of page 2 of your 1040 is the starting point to filling out your IL-1040. Then you make certain additions and subtractions to figure your base income. Then you deduct $2000 for every personal exemption. That comes to your taxable income. Multiply by 3% and that is your tax liability. Calculate your payments and credits to determine if you are going to get a refund or owe any money. Then add to your liability or deduct from your refund any donations that you wish to make.
Thats it in a nutshell. Use the URL above to find out more.
BTW, the IL-1040 was due on April 17, 2007. If you owe any money, then add interest and penalties to your tax liability.
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