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I have an S-Corporation in Illinois, and the IRS website just has me going in circles and confused. My revenues are very small, so I'm not sure if I am required to have a professional do my taxes, or if I can file it online? I think it's form 1120, but I haven't been able to understand more than that.

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When in doubt, you should always seek the advice of a professional tax preparer or your accountant. (Many agents/accountants will gladly review your tax preparations to ensure you haven't missed something. That's quicker and cheaper than paying them to do it all.)

Having said that...

This Illinois resource has detailed information about S-corps:

Of relevance to your situation:

  • S-corps can act as an agent and file the tax forms. You do not have to have a professional file them.
  • It is Form 1120.
  • The $ amount is not of concern. You must file if you have "net income or loss".
  • e-filing has only just been enabled for Illinois corporate tax filing (including the 1120). See this page for more information. You must register with the tax folks in Illinois to participate. Otherwise it's pen-and-paper time.
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This may not exactly answer your question but, as a small business owner, I would highly recommend having a professional handle your taxes. It is worth the money to have it done correctly rather than doing something wrong and getting audited or worse having penalties assessed and owing more than you thought would be possible. I would recommend this especially if this is how you make your primary income, you can always write it off as a business expense.

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