What is the IRS due date for Form 1120 instructions of IRS including its purpose, who needs to file it, and how to complete this tax form properly? Let’s discuss it.
Moreover, there are additional duties that come with incorporating your firm. One of these is the five-page U.S. Corporate Income Tax Return (Form 1120), which is crammed with thick text and numbered boxes that must be filled out.
Therefore, keep your spirits up and ignore the small print. Moreover, you can quickly master Form 1120 with some preparation. Let’s examine who must submit Form 1120, the filing process, and the necessary business paperwork.
What is the IRS Form 1120 IRS?
Generally, C corporations or LLCs that file as corporations use Form 1120 to file their income taxes.
Further, knowing how much your company needs to pay in taxes is essential after filling out Form 1120. However, that cash only goes to the IRS once; businesses must send quarterly estimated tax payments.
Things you need to fill out Form 1120
Following is a list of things you should have on hand to fill out and file Form 1120, whether you are doing it yourself or having your lawyer do it.
- Your EIN or Employer Identification Number.
- The incorporation dates.
- All of your business’s assets.
- Total earnings.
- Gross receipts.
- Cost of Goods Sold (COGS).
- Dividends earned.
- Interest earned.
- Royalties earned.
- Capital gains.
- Deductions from taxable income (These differ from one business to another). Companies can take advantage of a variety of tax deductions.
- Business tax credits you plan to apply for.
How to submit Form 1120 IRS and its Instructions
Generally, you can submit your Form 1120 either electronically or through regular mail. In truth, we strongly advise using the IRS e-file program to submit your taxes online, as it is the most efficient, convenient, and paperless option.
In addition, large C corporations with assets of $10 million or more are mandated to file their reports online. Determine if online filing is required for your C corporation.
Due Date for IRS Form 1120
Thus, April 14, of every year, is the date Form 1120 must be submitted for every fiscal year.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.