Form N 35, Rev , S Corporation Income Tax Return Forms Fillable

What is the Form N 35, Rev 2013, S Corporation Income Tax Return?

The Form N 35, Rev 2013, is a crucial document used by S Corporations in Hawaii to report income, deductions, and credits to the state. This form allows S Corporations to calculate their state tax liabilities accurately. It is specifically designed for entities that have elected to be taxed as S Corporations under federal law, which means they pass income, losses, and deductions through to their shareholders. Understanding the purpose and requirements of this form is essential for compliance with state tax regulations.

Steps to Complete the Form N 35, Rev 2013

Completing the Form N 35 requires careful attention to detail. Here are the key steps involved:

1. Gather necessary financial documents, including income statements, balance sheets, and previous tax returns.
2. Fill out the identification section, including the corporation's name, address, and federal employer identification number.
3. Report the corporation's income, deductions, and credits in the appropriate sections of the form.
4. Calculate the total tax due, ensuring all figures are accurate and consistent with supporting documentation.
5. Review the completed form for any errors or omissions before submission.

Legal Use of the Form N 35, Rev 2013

The Form N 35 is legally binding when completed and submitted in accordance with Hawaii tax laws. It is essential to ensure that all information provided is accurate and truthful, as any discrepancies may lead to penalties or audits. The form must be signed by an authorized representative of the corporation, affirming that the information is correct to the best of their knowledge. Compliance with both state and federal regulations is crucial for the legal validity of this document.

Filing Deadlines / Important Dates

Timely filing of the Form N 35 is critical to avoid penalties. The deadline for submitting this form typically aligns with the federal tax return due date for S Corporations, which is usually the fifteenth day of the third month following the end of the corporation's tax year. For corporations operating on a calendar year, this means the form is due by March 15. It is advisable to check for any changes to deadlines or extensions that may apply.

How to Obtain the Form N 35, Rev 2013

The Form N 35 can be obtained from the Hawaii Department of Taxation's website or directly from tax offices across the state. It is available in a fillable PDF format, allowing for easy digital completion. Additionally, businesses may choose to consult with tax professionals who can provide guidance and ensure that the form is filled out correctly.

Key Elements of the Form N 35, Rev 2013

Understanding the key elements of the Form N 35 is vital for accurate completion. Important sections include:

• Income Reporting: Details regarding total income earned by the S Corporation.
• Deductions: Information on allowable deductions that can reduce taxable income.
• Tax Credits: Any credits that the corporation is eligible for, which can lower the overall tax liability.
• Signature Section: A declaration that the information provided is accurate, requiring a signature from an authorized officer.