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Spokane Valley Washington Form 1120-X: What You Should Know

If you file a 1120-X for the 2024 tax year, or earlier years, a tax return and estimated pay off are required. Tax paid on the annual return for the period between June 17, 2017, and September 17, 2017, does not meet this requirement. If you have paid 2,000 or more in income tax from your business in 2017, you can't get any tax credit and must pay the tax amount due, as well as penalties and interest, and you have up to one year to do so. You must file a business tax return for the period June 17, 2017, through March 31, 2018, regardless of the actual amount of tax you owe. In 2018, any net investment income of business of 2,001 plus the current year personal investment income tax can be claimed for the 2024 tax year. Personal investment income includes investment interest and dividends, interest earned on tax-exempt municipal bonds, dividends on long-term savings bonds, and dividends from retirement savings plans. This limit does not apply to capital gains on the sale of real estate. Capital gains for the capital gains tax for the 2024 tax year are the excess of capital losses at the end of the tax year vs. taxes paid minus total capital gains for the year. In many states, it may be possible to file a non-refundable credit for business expenses incurred in the taxable year. For some states, the limitation on this credit may be reduced by 500. For more info on how to claim business expenses on your tax return, please visit Business Expenses Deductible Business Expenses. If you need to file an amendment to Form 1120-X for the 2024 tax year, you must file your amended return by May 17, 2018. If you made a change to your expenses on your original Return, your amended return must include the changes you made. However, there is no penalty on an amended return when you made changes to your original Form 1120-X. You must file and pay any tax, interest, and penalties due for the same tax year for which a Form 1120-X was filed (for example, Form 1120 is filed for the 2024 tax year and amended for the 2024 tax year).

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