1120 Corporate Tax Return
1120 Corporate Tax Return | Remote Tax Returns
Dealing with taxes can be a complicated and time-consuming process, especially for businesses. Fortunately, there are tax professionals who can help take on this burden. Our remote tax return services allow you to get your 1120 Corporate Tax Return done from the comfort of your own home or office.
At Remote 1040 Taxes, we specialize in small business tax returns. We have a team of experienced tax professionals who are here to help you with all your corporate tax needs. We offer remote tax return services, so you can get your taxes done without having to come into our office. Also, we will work with you to ensure that your taxes are filed correctly and on time.
Get Maximum Income Tax Return
Our team of experienced tax professionals will help you get the maximum 1040 income tax return. We will work with you to create a tax strategy that meets your business needs. Also, we ensure that you get the most deductions and credits.
We also provide support and advice on various tax-related issues. Our team of experts is always available to answer your questions and help you with your tax return.
What is Form 1120?
Form 1120 is a form that corporations use to file their annual tax returns with the IRS. The form also reports the corporation’s income, capital gains, losses, deductions, and credits.
This form will help determine how much the corporation needs to pay in taxes. The taxes you owe may not pay at once, but rather through estimated quarterly payments.
Paying quarterly estimated taxes ensures that the corporation does not end up owing a large sum of money come tax time. It is important to stay on top of your estimated tax payments, as the IRS can charge penalties for underpayment.
The IRS specifies the types of entities that must file Form 1120. These include traditional C Corporations, S Corporations, and LLCs taxed as either type of corporation. In addition, other business entities such as certain trusts, estates, and cooperatives must also file Form 1120 in some circumstances. The details of tax forms include:
1. 1120-C
It is the annual tax return form that a cooperative association needs to file. This is an organization that is owned and controlled by the people or companies who use its services. The main purpose of such an organization is to provide its members with goods, services, or both, on a mutual or cooperative basis.
2. 1120-F
It deals with the annual tax return form of a foreign corporation engaging in business within the United States. Even if the corporation has no physical presence in the US, it may still need to file Form 1120-F if it earns income from US sources along with foreign operations for tax purposes.
3. 1120-H
The annual tax return form is for the homeowner’s associations, condominium management association, and residential real estate management association. These organizations manage housing developments or other types of real estate on behalf of their members. In order to qualify to file Form 1120-H, the organization must meet certain criteria specified by the IRS.
4. 1120-L
It refers to the annual tax return form that a life insurance company needs to file. A life insurance company is any business entity that engages in issuing life insurance policies and annuities.
5. 1120-POL
The annual tax return form is for a political organization. A political organization is any business entity that promotes or opposes a candidate for public office and is organized in activities.
6. 1120-S
It is the annual tax return form that an S corporation needs to file. An S corporation is a type of corporation that pay taxes under subchapter S of the Internal Revenue Code. It allows the corporation to avoid double taxation (once at the corporate level and at the shareholder level). To qualify as an S corporation, the corporation must meet certain requirements specified by the IRS.
Who Need To File Tax Form 1120?
Most domestic corporations, and many foreign corporations, are required to file an IRS Form 1120 every year. Even if the corporation does not have any taxable income, this is the case. There are a few exceptions. For example, exempt corporations under section 501 of the tax code do not need to file Form 1120.
The entities that need to file Form 1120 include:
- If your business acts as a corporation (in taxes), you will also need to file Form 8832 and attach a copy of it to Form 1120.
- LLCs need to file Form 1120 if they select the taxing option as a corporation. However, partnership LLCs file Form 1065 instead, and single-member LLCs usually file their taxes through the owner’s personal federal tax return.
- Farming corporations need to file Form 1120 to report their income.
- If you have an ownership interest in a FASIT (Financial Asset Securitization Investment Trust), you must file Form 1120. A FASIT is a trust that invests in securities that are backed by financial assets.
If you’re not sure whether your business needs to file Form 1120, you can check with the IRS or speak to our tax professional.
How Can We Help?
We offer a variety of services to help businesses with their corporation income tax return.
- Form Filling: We can help you fill out and file your corporate tax return forms. We will ensure that all the required information is included with the correct filing.
- Tax Planning: We can help you plan for your taxes to minimize your tax liability. We will work with you to create a tax strategy that meets your business needs.
- Tax Preparation: We can prepare your taxes for you, so you don’t have to worry about doing it yourself. Also, we will make sure that all the necessary information is included and that your taxes are on time. There will be no delay in filing.
- Tax Audit Assistance: If the IRS audits you, we can assist. We will work with you to gather the necessary information and documents. We will also represent you during the audit process.
- Tax Appeal Assistance: If you need to appeal a tax decision, we can help. We will work with you to deal with it and represent you during the process.
Why Choose Us?
There are many reasons to choose Remote 1040 Taxes for your corporate tax needs.
- Experience: Our tax professionals have years of experience dealing with corporate taxes. We know the ins and outs of the tax system, and we can help you navigate it successfully.
- Convenience: We offer remote tax return services, so you can get your taxes returns without coming into our office. Also, we will work with you to ensure that your taxes are filed correctly and on time.
- Personalized Service: We offer customized service to all our clients. We will work with you to create a tax strategy that meets your specific needs.
- Affordable Rates: We offer competitive rates for our services. We will work with you to create a payment plan that fits your budget.
FAQs
1. What’s The Cost Of Your Services?
The cost of our services will depend on the complexity of your taxes and the forms that you need to file. We offer a free consultation to go over your tax situation so that we can give you an accurate estimate.
2. Can You Help With IRS Audit?
Yes, we can help with Internal revenue service audits. We will work with you to gather the necessary documentation and information the IRS requests of corporate income. We will also represent you during the audit process.
3. When Do I Need To Pay Corporation Income Tax?
You as a corporation have to hand in your taxes by the 15th of the 4th month after your tax year. If it is your first year, it does not matter how short it was. Also, if your fiscal tax year ended on June 30th, you would file by the 15th of the 3rd month after your tax year.
If any of those due dates were to fall on a weekend or legal holiday, it would be an automatic extension to the next business day. Lastly, if you need an extension for your tax return, you need to fill out form 7004 and hand it in by your regular due date.
4. Do I Need An Accountant?
If your taxes are simple, you may not need an accountant. However, if your taxes are complex or you are self-employed, you should hire an accountant. We can help ensure that you are taking advantage of all of the deductions and credits you are eligible for.
Get in Touch
If you need help with your corporate taxes, we encourage you to get in touch with us. We offer a free consultation so you can learn more about our services and how we can help you. Contact us today to schedule a consultation.