What Information Is Required to Fill the Corporate Tax Return Form 1120?
Last Updated April 14, 2023
The IRS has established a range of tax forms used by different commercial entities to file their taxes. For instance, all commercial ventures that are registered as corporations have to file their corporate tax returns through a form 1120. All small and medium-scale businesses listed as corporations also have to fill and file form 1120.
It is advised to get any tax preparation firm on board to deal with the filling and filing of form 1120. Nevertheless, we are going to discuss here some of the important information that must be filled in a form 1120 by an entity elected to be taxed as a corporation.
Besides name address and contact, the basic information section of form 1120 also asks for the Employer ID or EIN, total assets of the business, and its date of incorporation.
This section has to be filled with total corporate income through different categories. It includes the cost of goods sold, interest payments, gross receipts, capital gains, and royalties if any. If professionals are taking care of the bookkeeping of your business account, then all this information will be readily available.
This section actually records all the tax-deductible expenses. From salaries to bad credits and advertising, there is a long list of expenses that are tax-deductible. Experts of any good tax preparation firm have the complete knowledge of tax-deductible income. So, it is better to summon them for the filing of form 1120 even if your corporate entity is a SME.
This section takes care of all those payments made by a corporation to the tax regulators that might be refundable in the future under certain conditions and rules.
Schedules are also part of form-1120. However, they are different for different types of businesses. Tax and bookkeeping experts know which schedules have to be taken care of for a certain filing corporate entity.
Can Form 1120 Be E-Filed?
Form 1120 can definitely be e-filed and, in fact, some companies have been mandatory to do so for tax years finish on or after December 31, 2005. For example, foreign companies that file more than 250 tax forms yearly must e-file.
When Form 1120 Is Due?
Any business classified as a corporate needs to file its corporate income tax via form-1120 at the fortnight of the third month after the end of its fiscal year. If you are not good with dates, then assign this task to any online bookkeeping firm.
My Count Solutions is an online bookkeeping and tax preparation firm that offers its expert services to small and medium businesses at reasonable rates. Get in touch with them if you have to fill and file a form 1120.
Dallas Bookkeeping Services – My Count Solutions