Forms 1020 and 1020S
Form 1120: U.S. Corporation Income Tax Return
Form 1120 is used to report the income, deductions, gains, losses, and credits of a C corporation, which is a type of business structure where the company is taxed separately from its owners. On Form 1120, you'll need to report all of your corporation's income, including revenue from sales, services, and investments, as well as any deductions or credits you're eligible for.
If your corporation owes taxes, you'll need to pay them by the due date of the return, which is the 15th day of the fourth month following the end of your corporation's tax year. For example, if your corporation's tax year ends on December 31, the return is due on April 15 of the following year.
Form 1120S: U.S. Income Tax Return for an S Corporation
Form 1120S is used to report the income, deductions, gains, losses, and credits of an S corporation, which is a type of business structure where the company's income is passed through to its shareholders or owners, who report it on their individual tax returns. On Form 1120S, you'll need to report all of your S corporation's income, deductions, and credits, as well as the share of income or loss that each shareholder or owner is entitled to.
S corporations do not pay taxes themselves, but instead, each shareholder or owner reports their share of the income on their individual tax return. This means that the due date for Form 1120S is different from that of Form 1120. The return is due on the 15th day of the third month following the end of your S corporation's tax year. For example, if your S corporation's tax year ends on December 31, the return is due on March 15 of the following year.
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