Taxes for filing a new Subchapter S Corporation (“S Corp”) in Illinois
So you are thinking about starting a new business and filing as an S Corp in Illinois? Filing as an S Corp has its tax advantages, as you only pay employment taxes on the wages that the S Corp pays you as an owner employee, and you only pay income taxes on the profits of the S Corp. One thing to consider as part of owning as S Corp rather than being treated as an employee, is that you will have to track your own payroll or pay someone else to handle payroll for you. Payroll e