How to Fill Out IRS Form 1120

If you are filing income taxes for a US corporation, you'll have to use IRS Form 1120. Form 1120 is not for the novice. It is strongly recommended that a tax professional complete and submit the form on the corporation's behalf. Here are basic instructions on how to fill out IRS form 1120.

Instructions

Difficulty: Challenging

1. Determine if 1120 is the right forum for you. IRS form 1120 is entitled "U.S. Corporation Income Tax Return." If you're not filing for corporation, do not use this form.
2. Obtain a copy of the form. Visit the Internal Revenue Service's website and download form 1120. If you do not have access to the Internet, call the IRS and request that the form be mailed to you.
3. Download a copy of instructions. Unlike many other government forms, Form 1120 does not contain instructions for its completion. While you are on the IRS website, download instructions to complete form 1120.
4. Complete Form 1120. If you have experience in completing corporate tax forms, then use the instructions to help you complete it. However if you're new to filing corporate taxes, it is strongly recommended that you use the help of an accountant. Form 1120 is not for the faint of heart. It is long, detailed and complicated.
5. Submit the form along with its attachments to the IRS by the tax deadline date. Corporations usually have to file their tax returns by the 15th day of the third month after the end of its tax year. It is important that they be filed on time. Failure to do so will incur penalties and interest charges.