Get the free Hawaii Corporate Income Tax Return - ExacTax

HIGenCHI1HIGenC (2017)Hawaii Corporate Income Tax Return General Information * If different from federal Screen 1120Hawaii tax identification number Final return * Initial return * Date business began

How to fill out hawaii corporate income tax

How to fill out hawaii corporate income tax

1. To fill out Hawaii corporate income tax, follow these steps:
2. Gather all necessary documents, including federal income tax returns, financial statements, and forms like N-30 or N-20.
3. Determine your filing status. Hawaii offers different filing statuses for corporations, such as 'Domestic' or 'Foreign'. Choose the one that applies to your situation.
4. Fill out the appropriate form. For most corporations, the N-30 form is used. However, if you are a partnership, S corporation, or limited liability company, you may need to use the N-20 form.
5. Provide all required information, such as your corporation's legal name, address, Employer Identification Number (EIN), and details of income, deductions, and credits.
6. Calculate your taxable income by subtracting deductible expenses from your total income.
7. Determine your Hawaii corporate income tax liability by applying the applicable tax rate to your taxable income. Refer to the Department of Taxation's website for the current rates.
8. Complete any additional schedules or forms that may be required based on your specific circumstances, such as the N-342 form for special deductions or the N-288 form for net operating loss carryover.
9. Double-check all the information provided and make sure all calculations are accurate.
10. Sign and date the form.
11. File the completed form and any required supporting documents with the Hawaii Department of Taxation by the due date. You can file electronically or by mail.
12. Keep a copy of your filed form and all supporting documents for your records.

Who needs hawaii corporate income tax?

1. Any corporation that conducts business or has income from sources in Hawaii needs to file a Hawaii corporate income tax return.
2. This includes both domestic corporations incorporated in Hawaii and foreign corporations doing business in Hawaii.
3. It is important to note that even if your corporation had no net income or operates at a loss, you may still be required to file a return and report your financial information to the Hawaii Department of Taxation.
4. However, certain nonprofit corporations, religious organizations, and government entities may be exempt from Hawaii corporate income tax. It is recommended to consult with a tax advisor or refer to Hawaii tax laws for specific exemptions and requirements.

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What is hawaii corporate income tax?

Hawaii corporate income tax is a tax imposed on the net income of corporations operating in Hawaii.

Who is required to file hawaii corporate income tax?

All corporations conducting business in Hawaii are required to file Hawaii corporate income tax.

How to fill out hawaii corporate income tax?

To fill out Hawaii corporate income tax, corporations must complete the tax return form provided by the Hawaii Department of Taxation.

What is the purpose of hawaii corporate income tax?

The purpose of Hawaii corporate income tax is to generate revenue for the state government to fund public services and programs.

What information must be reported on hawaii corporate income tax?

Corporations must report details of their income, deductions, credits, and tax payments on Hawaii corporate income tax.