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IRS 1120 2025 Form Texas Harris: What You Should Know
The following example shows how a corporation would need to make estimated tax payments for a taxable year of 2018. First, the corporation calculates its estimated tax for 2025 and uses 2025 income taxes to estimate the 2025 tax year. Enter 2025 income tax and the amount of the 2025 estimated tax payment on line 22. Enter 30,000,000 on line 21. Then, the corporation makes estimated tax payments for three different tax years. In 2018, the corporation should make estimated tax payments if its estimated tax for the year was 12,000. Then, in 2019, the corporation should pay estimated tax payments if its estimated tax for the year was 17,500. Then, finally, in 2025 the corporation should pay estimated tax payments if its estimated tax for the year was 23,500. You may use 2025 or 2025 income taxes to calculate the estimated taxes for the future years. However, if you use a 2025 income tax return to estimate 2025 tax years, you will not know if the amount of future estimated tax payments matches up with the projected tax liability. If the amount of future estimated tax payments matches up to the estimated tax for 2019, you do not have to make estimated tax payments for the 2025 taxes. There are also penalties for not making estimated tax payments or estimated tax payments using improper methods. The 2025 tax year will start on January 1 and end on December 31. If the corporation used 2025 income taxes to calculate the 2025 tax year, it will likely see tax returns in 2025 and 2021. Because of the differences in income tax rates for corporations filing their returns in 2025 or 2025 and the fact that corporations are allowed to deduct interest, taxes paid in previous years will be deducted from the corporation's taxes for the current year, not from the taxes it actually paid in its current year. In 2018, a return that is filed in 2025 (Form 1040) shows an income tax liability of 12,000 for the year, or 9,000 if it also deducts the amount of interest paid from its 2025 income tax (Form 1041) return. The corporation's estimated tax for 2025 for deductions is the same 9,000. The corporation pays estimated tax payments for three years. For 2019, the corporation will file a Form 1040 with 2025 income taxes shown on line 22. Under 2025 rules, if an amount is deducted for interest paid on the corporation's return, the amount of interest paid must still be estimated.
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