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The 2022 Form 1100 is used to report your Delaware corporate income tax for calendar year 2022 or fiscal year beginning in 2022 and ending in 2023.
A: Resident individuals and resident businesses must file an annual return, even if no tax is due. Non-resident individuals who have income earned in Delaware that is not subject to employer withholding must file an annual return.
Every domestic or foreign corporation doing business in the state is required to file a corporate income tax return. Any corporations that own property, do business in Delaware or receive income from state sources are subject to corporate income tax.
Every domestic or foreign corporation doing business in Delaware, not specifically exempt under Section 1902(b), Title 30, Delaware Code, is required to file a corporate income tax return (Form 1100 or Form 1100EZ) and pay a tax of 8.7% on its federal taxable income allocated and apportioned to Delaware.
No matter what kind of business entity you have, including a corporation, you'll need to provide the following documentation: Estimated tax payment receipts. Year-end balance sheet and profit & loss statement. Year-end business bank account and investment account statements.
Form 1120 is the US corporation tax return. It's one of the most detailed and complex tax returns you can file as a Delaware corporation, but filing it correctly is essential. Failure to file or complete Form 1120 correctly can result in hefty penalties and other unwanted consequences.
All corporations incorporated in the State of Delaware are required to file an Annual Report and to pay a franchise tax. Exempt domestic corporations do not pay a tax but must file an Annual Report. The filing fee for filing an Annual Report or Amended Annual Report for exempt domestic corporations is $25.
Delaware is one of many states that have favorable tax treatments for corporations in order to entice these businesses to set up shop in the state. This is a mutually beneficial relationship as it allows businesses to pay less in taxes while bringing jobs, revenues, and more to the state.