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MINI CHECKLIST C CORPORATION INCOME TAX RETURN FORM 1120

MINI CHECKLIST C CORPORATION INCOME TAX RETURN FORM 1120

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In red three we're looking at regular US corporations or as we call them C corporations now all us C corporations they need to file form 11 ready with the IRS so from 1120 that's the U.S. corporation income tax return and i got an overview of this form right here on my board, so it starts with all the income of the C corporation total income, and then we will allow them a lot of deductions, so we have got ordinary deductions, so these are deductions for the trade or business expenses during the year let's say the C corporation has done some charity during the year they're going to be allowed deductions for the charitable contributions, but this one is going to be subject to a 10% limit, and we'll talk about that when we get there let's say the C corporation has domestic US production activities, and it's one of those eligible businesses they could take a domestic production activities deduction then let's talk about annual or net operating loss deduction now if you remember we talked a

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