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

Asked about 2 years ago - Middlesboro, KY

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

Attorney answers (3)

  1. Christin Marie Bucci

    Pro

    Contributor Level 7

    3

    Lawyers agree

    1

    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:
    http://www.irs.gov/pub/irs-pdf/i1120.pdf
    http://www.irs.gov/pub/irs-pdf/f1120.pdf
    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

    2

    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
    Evan.Nielsen@NLGLaw.com
    www.NielsenLawGroup.net

    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

    1

    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.

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