Get the free 2013 Form IL-1120, Corporation Income and Replacement Tax Return - tax illinois

If this return is not for calendar year 2013, write your fiscal tax year here. ... If you owe tax on Line 62, complete a payment voucher, Form IL-1120-V, make your ...

How to fill out 2013 form il-1120 corporation

Point by point, here is how to fill out the 2013 form il-1120 corporation:

1. Gather necessary information: Before starting the form, you need to gather all the required information such as the corporation's legal name, its federal employer identification number (FEIN), the tax year for which the form is being filed, and details of the corporation's income, expenses, deductions, and credits.
2. Begin with the identification section: In this section, you will need to provide basic details about the corporation, including its legal name, address, FEIN, the date it was incorporated, and the state in which it was formed. Ensure that all information is accurate and up-to-date.
3. Complete the Schedule A section: This section requires you to report the corporation's income. You will need to provide details about the different types of income earned by the corporation, such as business income, rental income, interest, dividends, and gains/losses from the sale of assets. Ensure that you fill out all the necessary lines accurately and calculate the totals correctly.
4. Proceed with the Schedule B section: This section focuses on the corporation's cost of goods sold. You will need to provide information such as inventory purchases, beginning and ending inventory figures, and any adjustments necessary to accurately calculate the cost of goods sold. Make sure to double-check your calculations to avoid any errors.
5. Fill out the Schedule D section: This section requires you to report any capital gains or losses incurred by the corporation during the tax year. You will need to provide information about the assets sold or exchanged, the dates of acquisition and disposition, the cost basis, and the selling price. Accurate reporting and calculations are crucial for this section.
6. Complete the Schedule N section: In this section, you will report any net operating loss deduction or carryover. Provide all the necessary details and calculations accurately to ensure proper reporting.
7. Fill out the remaining sections: Depending on the specifics of your corporation's tax situation, there may be additional sections to complete. These can include Schedule ICR (Illinois credits), Schedule M (tax calculation), and any other applicable schedules or attachments. Ensure that you carefully review all instructions and provide accurate information in these sections.

Who needs the 2013 form il-1120 corporation?

The 2013 form il-1120 corporation is required for corporations operating in Illinois that need to report their income, deductions, credits, and tax liability for the tax year 2013. All corporations subject to Illinois income tax must file this form, including C corporations, S corporations, and other taxable entities. It is important to consult with a tax professional or refer to the specific filing requirements outlined by the Illinois Department of Revenue to determine if your corporation needs to file this form.

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What is form il-1120 corporation income?

Form IL-1120 is used by C corporations in Illinois to report their income and calculate their state tax liability.

Who is required to file form il-1120 corporation income?

All C corporations doing business in Illinois are required to file form IL-1120.

How to fill out form il-1120 corporation income?

Form IL-1120 must be completed with details of the corporation's income, deductions, and credits, and submitted to the Illinois Department of Revenue.

What is the purpose of form il-1120 corporation income?

The purpose of form IL-1120 is to report the income earned by C corporations in Illinois and determine the amount of state tax owed.

What information must be reported on form il-1120 corporation income?

Information such as gross income, deductions, credits, and tax owed must be reported on form IL-1120.