6 Enter the amount of Illinois tax credits expected in the next tax year as calculated on the corresponding. Form IL-477 and Schedule 1299-D. 6.Navigate Illinois tax laws with confidence. Our guide covers tax types, filing requirements, and tax credits for small business owners in Illinois. File an annual report for a Corporation, Not-for-Profit, or Limited Liability Company online. Incorporate a business or terminate an LLC. The procedures for compensating yourself for your efforts in carrying on a trade or business will depend on the type of business structure you elect. All borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes. Illinois enacted the fiscal 2022 budget bill containing significant provisions addressing Illinois income and franchise taxes.