Video: Corporations: Computations of Taxable Income, Tax Liability and Allowable Credits Overview

In this lesson, unravel the intricacies of corporate taxation with Nick Palazzolo, CPA, leading the charge. Jump into a comprehensive overview of how to compute a corporation's taxable income, tax liability and take advantage of allowable credits. With an approachable style, Nick breaks these concepts down into manageable sections, relating them to the familiar 1120 tax form. He deftly navigates the common pitfalls and complexities that come with determining corporate tax obligations, providing insights into the nuances of the process. Further into the lesson, you'll delve into the specifics of calculating allowable credits, shining light on the opportunities to reduce tax liability. Finally, a discussion on uniform capitalization rules offers clarity on a less examined yet valuable topic to capture those free and easy points on the exam.