Which form do corporations use to report their income and expenses?

Corporations utilize Form 1120 to report their income and expenses to the Internal Revenue Service (IRS). This form is specifically designed for C corporations, which are separate legal entities from their owners and are taxed independently. Form 1120 allows corporations to detail their revenues, deductions, and tax liability, thereby facilitating compliance with federal tax obligations.

By using Form 1120, corporations can report various types of income, such as sales revenues, dividends, interest, and other investments. Additionally, the form enables corporations to claim deductions for eligible business expenses, including salaries, rent, utilities, and depreciation. Understanding the significance of Form 1120 is crucial for ensuring accurate financial reporting and tax compliance for corporations.

Other forms listed serve different purposes. Form 1040 is used by individual taxpayers to report personal income, while Form 1065 is for partnerships to report their income and losses. Form W-9 serves as a request for taxpayer identification information but is not utilized for reporting corporate income or expenses.