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How to fill out 2012 corporation estimated tax

How to fill out 2012 corporation estimated tax:

1. Gather all necessary forms and documents: Start by collecting the necessary forms for filing the 2012 corporation estimated tax. This may include Form 1120-W, Estimated Tax for Corporations, as well as any supporting documentation such as financial statements and records of taxable income.
2. Calculate the estimated tax liability: Use the information from your financial records to determine the estimated taxable income for the year 2012. Apply the appropriate tax rates and deductions to calculate the estimated tax liability for your corporation. Keep in mind that the estimated tax is generally based on your corporation's expected income for the year.
3. Complete Form 1120-W: Fill out Form 1120-W accurately and provide all required information. This form will help you calculate the estimated tax amount owed and determine if there were any previous payments or credits that should be applied. Be sure to include your corporation's name, address, and tax identification number.
4. Make estimated tax payments: After calculating the estimated tax liability, submit the payment by the due dates specified by the IRS. The estimated tax payments are typically made quarterly, so ensure you adhere to the deadlines to avoid any penalties or interest charges.
5. Maintain proper records: It is crucial to keep detailed records of your estimated tax payments and all supporting documentation. This will help in case of any future inquiries or audits from the IRS. Retain copies of the filed Form 1120-W and receipts or other evidence of payment.

Who needs 2012 corporation estimated tax:

1. Corporations: Any corporation, whether it is a C corporation, S corporation, or other types of corporations, may be required to pay estimated taxes if they anticipate owing at least $500 in tax for the year 2012.
2. Corporations with taxable income: If your corporation expects to have taxable income in 2012 and does not meet certain exceptions, it is generally required to make estimated tax payments.
3. Corporations without sufficient tax withholding: If your corporation does not have enough income tax withheld from other sources such as employees' wages or if it expects to owe additional taxes due to self-employment, investment income, or other sources, estimated tax payments may be necessary.

Note: It is always recommended to consult with a tax professional or refer to the IRS guidelines and instructions specific to the year 2012 for accurate and up-to-date information on filing the corporation estimated tax.

For pdfFiller’s FAQs

What is corporation estimated tax payments?

Corporation estimated tax payments are quarterly payments that corporations make to the IRS based on their estimated annual tax liability.

Who is required to file corporation estimated tax payments?

Corporations that expect to owe $500 or more in taxes for the year are required to make estimated tax payments.

How to fill out corporation estimated tax payments?

Corporation estimated tax payments can be filled out using IRS Form 1120-W. The form requires corporations to estimate their annual income, deductions, and credits to determine the amount of tax owed for the year.

What is the purpose of corporation estimated tax payments?

The purpose of corporation estimated tax payments is to ensure that corporations pay their taxes throughout the year, rather than waiting until the end of the year to make a lump sum payment.

What information must be reported on corporation estimated tax payments?

Corporation estimated tax payments must include the corporation's name, address, EIN, taxable income, deductions, credits, and estimated tax liability for the year.

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