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Form 1120 is a corporate tax return form used in the United States to record income, deductions, gains, losses, and other pertinent tax information. It is used to compute the corporation's tax liability and is filed with the Internal Revenue Service (IRS).
The form requests general information from the corporation, such as its name, address, Employer Identification Number (EIN), and accounting period. There are various parts for reporting income, deductions, and credits.
The Form 1120 filing deadline is typically the 15th day of the fourth month after the end of the corporation's tax year. For instance, if the fiscal year ends on December 31, the filing date is April 15. If the corporation runs on a fiscal year basis, the deadline may be different.
Form 1120 has sections for reporting many forms of income, such as business income, interest income, dividend income, and capital gains or losses. The corporation is required to submit precise information about each sort of income as well as determine the overall taxable revenue.
Sections of the form let you submit deductible costs including salary and wages, rent, utilities, depreciation, and other usual and necessary business expenses. Corporations can also claim tax credits for particular activities such as R&D or renewable energy expenditures.
Our team of professionals specializes in company tax preparation and remains up up to date on the newest tax rules and regulations. We meticulously examine your corporation's financial accounts, maximize available deductions, and assure correct and compliant Form 1120 filing. With our help, you can concentrate on operating your business while we manage your corporation tax preparation.
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