
Chicago Toy & Game Foundation
383851650
Lincolnwood, IL 60712 United States
taxadvisorstcharles.com
petelewistax
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News

Illinois passed an optional 4.95% PTE (Pass-through Entity) tax on the profit from S Corporations, partnerships and certain trusts. The PTE tax on business owners is effective after December 31, 2021. An Illinois resident who "opts-in" to pay this tax may receive a federal tax benefit as a "workaround" against the $10,000 federal limitation on state tax deductions. Illinois residents will also receive a tax credit against the PTE tax on their state income tax returns. For more information about this tax contact E. Pete Lewis, CPA, EA at (630) 845-9664. (fb)

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Lincolnwood
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