Where on a buisness federal tax return would I be able to find the net income?

Asked over 1 year ago - Middlesboro, KY

I need to know to pay for a privilege license application for the city.

Attorney answers (3)

  1. Christin Marie Bucci


    Contributor Level 7


    Lawyers agree


    Answered . A few points of clarification would be helpful. By net income do you mean taxable income?
    By a business return if you are referring to a corporate return then it would be a Form 1120. On the Form 1120 for tax year 2011 taxable income is line 30.
    Here are the sites for the Form 1120 and the instructions:
    Please note that the section on income begins on page 7 of the instructions for Form 1120.
    Also, line 28 of Form 1120 is "taxable income before NOL deductions and special deductions" which is explained on page 13 of the instructions.

    Hope this helps!

    The information provided here is for educational purposes only and is not intended as legal advice for a... more
  2. Evan A Nielsen

    Contributor Level 18


    Lawyers agree

    Answered . The net income will generally be on the first page of the tax return towards the bottom. It will generally be labeled "profit/(loss)" or something along those lines.

    Evan A. Nielsen
    1255 W. Colton Ave., #506 | Redlands, CA 92374
    Main: 909.363.4658 | Fax: 480.304.3211

    Mention this Post for a free consultation.

    Evan A. Nielsen is licensed to practice law in California. The information provided here is for educational... more
  3. Christopher Michael Larson


    Contributor Level 19


    Lawyer agrees

    Answered . If they want your Net Income, they would look on your income statement. But as the previous attorney states, this is not your taxable income.

    Christopher Larson
    Insight Law
    Tax Lawyer
    Bellevue Tax Lawyer
    Everett Tax Lawyer
    Seattle Offer In Compromise
    Employment And Payroll Tax Attorney
    IRS Tax Audit Attorney
    IRS Tax Lien Attorney
    IRS Tax Levy and Wage Garnishment Lawyer
    Washington Sales and Business and Occupation(B&O) Tax Audit
    Seattle Tax Court Lawyer
    Innocent Spouse Relief
    Business Tax Attorney
    IRS Tax Penalty Relief Attorney

Avvo instant logo@2x

Need an answer to your questions within 15 minutes?

  • 30-minute phone call
  • Ask any questions
  • $99 flat fee
  • Money-back guarantee
Talk to an attorney now

Can't find what you're looking for?

Ask span5@2x

Ask a question on our public forum.

Ask a lawyer
Instant span6@2x

Have an attorney contact you privately.

Right now.

Icon lock@2x
Secure conversation. Your details remain between you and your attorney.
Icon clock@2x
Get an answer guaranteed. Be assured that a lawyer will contact you to help with your legal issue.
Start your session now