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Form U.S. Corporation Income Tax Return 1120 Department of the Treasury Internal Revenue Service A For calendar year 2013 or tax year beginning (see instructions) 2013 B Employer identification number

How to fill out corporation income tax return

How to fill out a corporation income tax return?

Gather all necessary documents and information:

1. Identify your corporation's legal name, address, and contact information.
2. Obtain your employer identification number (EIN) or tax identification number.
3. Collect financial records, such as income statements, balance sheets, and general ledger records.
4. Gather any relevant supporting documentation, such as receipts, invoices, or expense records.

Determine the correct form to use:

The type of corporation you have will determine the specific form you need to fill out. Most corporations use Form 1120 for general income tax returns, while S corporations use Form 1120-S.

Understand the sections of the form:

Familiarize yourself with the different sections of the form, including income, deductions, and credits. Make sure you understand how to properly report each item.

Report your corporation's income:

Fill out the income section of the form, including revenue from sales, services, investments, and other sources. Be accurate and thorough when reporting your income.

Deduct eligible expenses:

Deduct all eligible business expenses, such as employee salaries, rent, utilities, supplies, and business-related travel expenses. Make sure to keep proper records and only deduct legitimate expenses.

Calculate your taxable income:

Subtract your deductions from your total income to determine your taxable income. This is the amount on which you'll be taxed.

Determine any tax credits:

Determine if your corporation qualifies for any tax credits, which can help reduce your overall tax liability. Research available credits and ensure you properly claim them.

Complete additional required sections:

Depending on your specific situation, you may need to fill out additional sections of the form, such as Schedule K for reporting shareholder information in S corporations.

Review and double-check your information:

Before submitting your tax return, carefully review all the information you've entered. Ensure accuracy and consistency throughout the form.

File your tax return:

Once you're confident in the accuracy of your tax return, submit it to the appropriate tax authority. Follow the instructions for filing and make sure to meet all filing deadlines.

Who needs a corporation income tax return?

All corporations:

All corporations, regardless of their size, must file an income tax return each year. This includes C corporations, S corporations, and other types of corporations recognized by the tax authority.

C corporations:

C corporations, which are separate legal entities from their owners, are required to file a separate income tax return. Even if the corporation doesn't owe any taxes, it still needs to file a return to report its financial activity.

S corporations:

S corporations are pass-through entities that don't pay income taxes at the corporate level. However, they are still required to file an income tax return to report their financial activity and to provide information to shareholders.

Foreign corporations:

Foreign corporations that operate or generate income within a country's jurisdiction may also be required to file a corporation income tax return. This ensures proper reporting and compliance with local tax laws.

Note: The specific rules and requirements for filing a corporation income tax return may vary between countries and jurisdictions. It's important to consult with a tax professional or the appropriate tax authority to ensure compliance with all relevant tax laws.

For pdfFiller’s FAQs

What is corporation income tax return?

Corporation income tax return is a form filed by corporations to report their income, expenses, and calculate their tax liability for a specific tax year.

Who is required to file corporation income tax return?

Corporations, including S Corporations, C Corporations, and LLCs taxed as corporations, are required to file corporation income tax return.

How to fill out corporation income tax return?

Corporation income tax return can be filled out by using the official forms provided by the IRS or through electronic filing methods.

What is the purpose of corporation income tax return?

The purpose of corporation income tax return is to report the financial activity of the corporation and calculate the amount of taxes owed to the government.

What information must be reported on corporation income tax return?

On corporation income tax return, corporations must report their income, deductions, credits, and any other relevant financial information.

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