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

This document contains official instructions for Schedule M , Other Additions and Subtractions (For Businesses) - a form released and collected by the Illinois Department of Revenue.

FAQ

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

Q: What are other additions and subtractions?
A: Other additions and subtractions refer to various items that may need to be added or subtracted from a business's taxable income.

Q: Who needs to file Schedule M?
A: Businesses operating in Illinois that have other additions and subtractions on their state tax return need to file Schedule M.

Q: What information is required on Schedule M?
A: Schedule M requires businesses to provide details about the specific additions and subtractions being reported, including amounts and explanations.

Q: Are there any specific guidelines for filling out Schedule M?
A: Yes, businesses should refer to the instructions provided with Schedule M for guidance on how to accurately fill out the form.

Q: When is the deadline to file Schedule M?
A: The deadline to file Schedule M is typically the same as the deadline for the Illinois state tax return, which is generally April 15th.

Q: What happens if I don't file Schedule M?
A: If you are required to file Schedule M and fail to do so, you may face penalties or interest charges from the Illinois Department of Revenue.