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Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
Remember, Form 1120-S is for the corporate entity (your S Corp), while Form 1040 is for your personal taxes. To file your personal taxes, you need to first complete your S Corp tax return. You must file your business and personal returns separately.
Both C and S corporations must file a federal income tax return. C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
Form 1120 is the U.S. corporation income tax return. It is an Internal Revenue Service (IRS) document that American corporations use to report their credits, deductions, losses, gains and income. It also helps corporations find out how much income tax they need to pay, ing to the IRS.
You can determine if a company is a C corp or an S corp by checking their public records, such as their filing with the Internal Revenue Service (IRS) or their articles of incorporation. You can also contact the company directly and ask for this information.
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If you are thinking about whether or not its better to form a C corp or an S corp for your business, youre in the right place. While a C corp may be best if you plan to go public one day, an S corp can be better for small companies.
Form 1120-F differs from Form 1120 in that it excludes interest, dividends and royalties derived outside of the US, as well as rent paid to unrelated parties outside of the US, while Form 1120 includes such items in taxable income on Line 11 of Part I.
The difference is that Form 1120 is used by C corporations (C corps), which are liable for corporate federal taxes, and Form 1120-S is used exclusively by S corps.

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