Corporate Income Tax Return
Integrity 1st Tax is can help with corporate tax returns. Corporate tax returns detail the company’s profits and expenses to determine the amount of tax the company owes to the US government.
What information is needed
Corporate Tax Returns
The United States IRS requires that all corporations file tax returns annually, regardless of whether or not the company was profitable during the tax year with form number 1120. Corporate tax returns are needed for businesses who have incorporated as either C-corporations or S-corporations.
Corporate tax returns detail the company’s profits and expenses to
determine the amount of tax the company owes to the US government. The
return comprises of several schedules that detail information such as
the costs of goods sold, dividends and deductions, officer compensation,
details about the accounting method used, business type, NAICS
classification number, balance sheets, and the reconciliation of income
and loss.
Filling
Corporate Tax Returns
The information necessary to file corporate tax returns includes the
name, address, employer ID number, date of incorporation, and the total
assets. The corporate financial officer will need to supply details
about the corporate income including:
- Gross receipts
- Cost of goods sold
- Dividends
- Interest
- Rents
- Royalties
- Capital gains
What Expenses Can I Deduct on Corporate Tax Returns?
Corporations are able to claim many tax deductible expenses against income. The financial officers of the corporation should be tracking these details throughout the year and be able to supply full documentation in the case of an audit. The deductible expenses include:
• Officer compensation
• Other salaries
• Repairs and maintenance
• Rents
• Taxes and licenses
• Interest expenses
• Charitable contributions
• Depreciation
• Advertising
• Pensions and profit sharing plans
• Employee benefit programs
• Domestic production activities
• Other miscellaneous deductions