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Do businesses have to make estimated tax payments?
Corporations (other than S corporations) who reasonably expect their income and replacement tax liability to be more than $400 must make quarterly estimated payments.
In general, partnerships and subchapter S corporations are not required to make estimated income tax payments towards their annual tax liability. However, a partnership or S corporation that elects to pay pass-through entity-level tax will need to make estimated payments if its tax liability is expected to be more than $500. For tax years ending before December 31, 2022, the Illinois Department of Revenue will waive late estimated payment penalties related to an election to pay the pass-through entity tax.
Estimated Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. We encourage businesses to make estimated payments electronically using MyTax Illinois.
See the appropriate income tax information web page for more information.
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