Schedule M Other Additions and Subtractions (For Businesses) - Illinois

What Is Schedule M?

This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule M?
A: Schedule M is a form used by businesses in Illinois to report other additions and subtractions to their state tax liability.

Q: What are additions and subtractions?
A: Additions and subtractions are adjustments made to a business's income or deductions to determine their taxable income for state tax purposes.

Q: What types of additions and subtractions are reported on Schedule M?
A: Schedule M includes various types of additions and subtractions, such as depreciation adjustments, net operating loss deductions, and certain credits.

Q: Do all businesses in Illinois need to file Schedule M?
A: Not all businesses are required to file Schedule M. It is typically required for businesses that have certain types of income or deductions that are subject to adjustment for state tax purposes.

Q: Is Schedule M used for both federal and state taxes?
A: No, Schedule M is specific to Illinois state taxes and is not used for federal tax purposes.

Q: Are there any penalties for not filing Schedule M?
A: Failure to file Schedule M or inaccurately reporting additions and subtractions may result in penalties or interest charges imposed by the state.