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This version of the form is not currently in use and is provided for reference only. Download this version of
Form IL-4562
for the current year.
Form IL-4562 Special Depreciation - Illinois
What Is Form IL-4562?
This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form IL-4562?
A: Form IL-4562 is a tax form used in Illinois to report special depreciation deductions.
Q: What is special depreciation?
A: Special depreciation allows businesses to deduct a larger portion of the cost of certain assets in the year they are acquired.
Q: What assets are eligible for special depreciation?
A: Assets such as new tangible personal property, certain leased property, and qualified improvement property may be eligible for special depreciation.
Q: Why is special depreciation beneficial?
A: Special depreciation can help businesses reduce their taxable income and lower their tax liability.
Q: Do I need to file Form IL-4562 if I am not claiming special depreciation?
A: If you are not claiming any special depreciation deductions, you may not need to file Form IL-4562.
Q: When is Form IL-4562 due?
A: Form IL-4562 is due on or before the same due date as your Illinois income tax return.
Q: Can I e-file Form IL-4562?
A: Yes, you can e-file Form IL-4562 if you are filing your Illinois income tax return electronically.
Q: What if I make a mistake on Form IL-4562?
A: If you make a mistake on Form IL-4562, you may need to file an amended return to correct it.
Q: Who should I contact if I have questions about Form IL-4562?
A: If you have questions about Form IL-4562, you should contact the Illinois Department of Revenue or consult with a tax professional.
Form Details:
- Released on December 1, 2020;
- The latest edition provided by the Illinois Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IL-4562 by clicking the link below or browse more documents and templates provided by the Illinois Department of Revenue.
