5 Ways To Fill Out St-587 Blank Form Correctly

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Filling out tax forms can be a daunting task, especially when it comes to complex forms like the ST-587. However, with the right guidance, you can ensure that you fill out the form correctly and avoid any potential issues. In this article, we will provide you with a step-by-step guide on how to fill out the ST-587 blank form correctly.

Understanding the ST-587 Form

The ST-587 form is a Illinois state tax form used to report sales tax on certain types of transactions. It is typically used by businesses that sell tangible personal property, such as retailers, wholesalers, and manufacturers. The form requires businesses to report their sales tax liability and pay any taxes due.

Preparation is Key

Before you start filling out the ST-587 form, make sure you have all the necessary information and documents. This includes:

• Your business's Illinois registration number
• Your business's federal employer identification number (FEIN)
• Your business's sales tax exemption number (if applicable)
• Records of your sales and purchases for the reporting period
• Records of any tax credits or exemptions claimed

5 Ways to Fill Out the ST-587 Form Correctly

1. Report Your Sales Tax Liability

To report your sales tax liability, you will need to complete the following sections of the form:

• Section 1: Gross Sales
• Section 2: Sales Tax Exemptions
• Section 3: Sales Tax Credits
• Section 4: Sales Tax Liability

Make sure to report all of your sales, including cash and credit sales, and calculate your sales tax liability based on the Illinois sales tax rate.

2. Calculate Your Sales Tax Credits

If you have any sales tax credits, such as credits for tax paid on purchases or credits for tax exempt sales, you will need to report them on the form. To calculate your sales tax credits, follow these steps:

• Determine the amount of tax paid on purchases
• Determine the amount of tax exempt sales
• Calculate the total amount of sales tax credits

3. Claim Your Exemptions

If you have any exemptions, such as exemptions for sales tax paid on purchases or exemptions for tax exempt sales, you will need to claim them on the form. To claim your exemptions, follow these steps:

• Determine the amount of sales tax paid on purchases that are exempt from sales tax
• Determine the amount of tax exempt sales
• Calculate the total amount of exemptions

4. Pay Any Taxes Due

If you have any taxes due, you will need to pay them when you file the form. Make sure to include the payment with your return.

5. Sign and Date the Form

Finally, make sure to sign and date the form. This is an important step, as it verifies that the information on the form is accurate and complete.

Additional Tips

• Make sure to keep accurate records of your sales and purchases, as well as any tax credits or exemptions claimed.
• Use a calculator to ensure that your calculations are accurate.
• If you have any questions or concerns, contact the Illinois Department of Revenue for assistance.

By following these 5 ways to fill out the ST-587 form correctly, you can ensure that you accurately report your sales tax liability and avoid any potential issues.

Common Mistakes to Avoid

• Failure to report all sales, including cash and credit sales
• Failure to calculate sales tax liability correctly
• Failure to claim exemptions or credits
• Failure to pay taxes due
• Failure to sign and date the form

By avoiding these common mistakes, you can ensure that your ST-587 form is accurate and complete.

Conclusion

Filling out the ST-587 form can be a complex task, but by following these 5 ways to fill out the form correctly, you can ensure that you accurately report your sales tax liability and avoid any potential issues. Remember to keep accurate records, use a calculator, and contact the Illinois Department of Revenue for assistance if needed.

What's Next?

If you have any questions or concerns about filling out the ST-587 form, contact the Illinois Department of Revenue for assistance. You can also seek the help of a tax professional or accountant to ensure that your form is accurate and complete.