Corporate Tax Returns - C Corps

Corporate tax preparation

A C corporation is an entity that pays income taxes by filing a corporate tax return. Corporate taxes are paid at the corporate income tax rate rather than the personal income tax rate that applies to individuals.

Correctly identifying which business expenses can be taken according to current IRS tax guidelines is complicated. Different types of deductions come with limits and exclusions and tax code regulations change constantly. A tax professional who specializes in corporate tax preparation is best suited to determine which deductions are appropriate for your business.

Corporate Tax Preparation in Sacramento

For the average business owner, filing corporate taxes is complex and time consuming, even with the best online tax software. Contact William McConnaughy, CPA for trusted corporate tax return services at economical rates. To get help filing your corporate taxes, call William McConnaughy, CPA now at 916-979-7645 or request a free consultation online.

Below are answers to some of the common question about corporate income taxes.

What form is used to file taxes for a C corporation?

IRS Form 1120 is the form required by the IRS.

What is the current corporate income tax rate?

The Tax Cuts and Jobs Act of 2017 decreased the corporate tax rate from 35% to 21% effective in the 2018 tax year. This change means there’s one rate for all corporate income tax returns moving forward and it’s 21%.

When are my corporate taxes due?

For C corps, form 1120 must be filed by the 15th day of the 3rd month after the end of your company’s tax year. If the due date falls on a weekend or major holiday the filing is due on the next business day.

What information do I need to file Form 1120S?

We'll need the following information:

  • Date of C corp election
  • Employer Identification Number (EIN)
  • Gross receipts
  • Total assets and income
  • Amount of interest earned
  • Amount of dividends earned
  • Cost of Good Sold (COGS)
  • Prior year tax returns