The 1120s form is shorter than the 1120 form. The shorter form can be used by individuals and partnerships. The longer form is usually used by corporations.
Form 1120 is U.S. Corporation Income Tax Return. Corporations are required to file Form 1120 to report their income, gains, losses, deductions, and credits as well as to figure their tax liability. For more information, go to www.irs.gov/formspubs for Publication 542 (Corporations).
Form 1120 is the form that C-corporations use to file their business returns. Form 1120s is used by S-corporations.
The tax form filed by the entity will tell you if it is a C corp (Form 1120), and S corp (Form 1120S), or a Partnership (Form 1065).
State income taxes are deductible on the Federal Form 1120. Other deductions include repairs, interest, and depreciation for homeowners filing Form 1120.
A distributor will pay taxes as would any other business. They would file the return based on the type of business they are legally. If a sole proprietorship, they would file a 1040 with a Schedule C for the business section. If a C Corporation, they would file a 1120 Corporate return. If a Subchapter S corporation, they will file 1120S. A partnership will file a form 1065 return. Their income is calculated as income minus cost of good sold minus expense will equal income.
All state and local taxes as well as FEDERAL PAYROLL TAXES are deductible when incurred on property or income relating to business. But, FEDERAL INCOME TAXES are not deductible. and Yea they are deductible on form 1120. Hope tht helps!
Form 1120S is U.S. Income Tax Return for an S Corporation. First, total income is calculated in the Income Section of page 1. You add gross profit (cost of goods sold minus gross receipts/sales less returns/allowances) with net gain/loss from Form 4797 (Sales of Business Property) and any other income. Second, in the Deductions Section, total the expenses on lines 7-19, which include compensation of officers, salaries/wages (less employment credits), advertising, etc. Third, subtract Total Deductions on line 20 from Total Income on line 6. The result is Ordinary Business Income (or Loss).
IRS Form 1120 is the form needed for C corporations to complete their tax returns. Form 1120S is used for S Corporations to file their tax returns. Some corporations choose to hire a CPA to file their taxes, while others choose to complete the process themselves. Businesses looking to save money by filing their own tax returns can find the process much easier using 1120 tax software. Many tax software companies offer software that you can download to your computer or complete online.
http://www.irs.gov/file/index.html
1120 will do. Or 1120.0
1120