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IT 611 Douglas J. MacGinnitie Revenue Commissioner Nathan Deal Governor State of Georgia Department of Revenue 2012 Corporation Income Tax Forms and General Instructions File Form 600 and pay the

How to fill out 2012 corporation income tax

How to Fill Out 2012 Corporation Income Tax:

1. Gather all necessary documents and information related to your corporation's income and expenses for the tax year 2012. This may include financial statements, invoices, receipts, payroll records, and any other relevant documents.
2. Determine your corporation's filing status. In general, corporations are required to file Form 1120, U.S. Corporation Income Tax Return, unless they meet certain criteria to file a different form such as Form 1120S for S corporations.
3. Fill out the basic information on Form 1120, including your corporation's name, address, Employer Identification Number (EIN), and tax year.
4. Calculate your corporation's total income by adding up all sources of revenue, such as sales, services, investments, and capital gains. Report this amount on Line 1 of Form 1120.
5. Subtract your corporation's allowable deductions from the total income to arrive at the taxable income. Deductions may include business expenses, costs of goods sold, depreciation, and other eligible expenses. Report this amount on Line 28 of Form 1120.
6. Determine your corporation's taxable income by applying the appropriate tax rate based on the corporation's income bracket. Refer to the instructions for Form 1120 to find the tax rate schedule for 2012.
7. Calculate the amount of tax owed by multiplying the taxable income by the applicable tax rate. Report this amount on Line 31 of Form 1120.
8. If your corporation has any credits or payments already made, subtract them from the tax owed to determine the balance due or overpayment. Report this amount on Line 37 of Form 1120.
9. Provide any additional required information, schedules, or attachments as instructed by the IRS. This may include Schedule M-1 for reconciling book and tax income, Schedule L for balance sheet reporting, and other applicable schedules.
10. Double-check all information entered on Form 1120 for accuracy and completeness. Attach any supporting documents as necessary.
11. Sign and date the completed Form 1120. If applicable, have an authorized officer or representative of the corporation sign the form as well.
12. Keep a copy of the completed Form 1120, along with all supporting documents, for your records.

Who Needs 2012 Corporation Income Tax?

1. Corporations that operated or conducted business activities during the tax year 2012 are generally required to file a corporation income tax return.
2. This includes both domestic corporations formed and operating within the United States, as well as foreign corporations engaged in trade or business within the country.
3. Certain exempt organizations, such as non-profit corporations, may also be required to file a corporation income tax return depending on their activities and income sources.
4. Corporation income tax returns are used to report and pay taxes on the net income earned by the corporation during the tax year. The tax rates and rules applicable to these returns are determined by the Internal Revenue Service (IRS).
5. Filing a 2012 corporation income tax return is necessary to ensure compliance with federal tax laws, avoid penalties and interest for non-filing or late filing, and accurately report the corporation's financial activities to the IRS.

For pdfFiller’s FAQs

What is corporation income tax?

Corporation income tax is a tax imposed on the profits of corporations.

Who is required to file corporation income tax?

Corporations are required to file corporation income tax.

How to fill out corporation income tax?

Corporation income tax can be filled out using the necessary forms provided by the tax authority.

What is the purpose of corporation income tax?

The purpose of corporation income tax is to generate revenue for the government.

What information must be reported on corporation income tax?

Corporations must report their income, expenses, and other financial information.

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