IRS Form 1120 Corporate Tax Tool

Corporate Income & Deductions

Enter your aggregated income and deduction amounts for the tax period. Use $ for all currency inputs. This is a simplified estimate tool.

Income

Gross Receipts or Sales ($):

Cost of Goods Sold (COGS) ($):

Other Income (e.g., Interest, Dividends, Rent) ($):

Deductions

Enter amounts for common deductions. Use total amounts from your records (e.g., total depreciation). Do not include items like Net Operating Loss deductions or complex limitations here.

Compensation of Officers/Employees ($):

Rent Paid ($):

Taxes and Licenses ($):

Interest Expense ($):

Depreciation (Enter total from your schedules) ($):

Advertising ($):

Other Deductions (e.g., Pension, Employee Benefits, etc.) ($):

Disclaimer: This is a highly simplified estimation tool for basic federal corporate income tax (Form 1120). It does **NOT** cover all income types, deductions, limitations, special deductions, tax credits, or other complexities of corporate taxation. It uses the current federal corporate tax rate of 21%. Your actual tax liability will differ. Consult a qualified tax professional for accurate tax preparation and advice.

Estimated Tax Summary

Enter income and deduction amounts in the "Income & Deductions" tab and click "Calculate Tax Summary" to see the results.

Disclaimer: This summary is based on the inputs you provided and the simplified calculations performed by this tool. It is **NOT** a tax return, a final tax liability determination, or tax advice. It does not account for many factors that impact actual corporate tax. The estimated basic tax is calculated using a flat 21% rate on positive taxable income. Consult a qualified tax professional for accurate tax preparation and advice.