Business Income Tax Return Form - Village Of Covington Income Tax Department printable pdf download

VILLAGE OF COVINGTON

BUSINESS INCOME TAX RETURN

INCOME TAX DEPARTMENT

CALENDAR YEAR ______ DUE BY APRIL 30 OF FOLLOWING YEAR

1 S. High St. - P.O. Box 156

FISCAL YEAR ______ TO ______ DUE 4 MONTHS AFTER FISCAL YEAR END

Covington, OH 45318

Phone 937-473-5173

Fax 937-473-3853

TYPE OF BUSINESS:

Corporation

Partnership

“S” Corporation

Other ________________

Federal Employer

Identification No.

NAME and ADDRESS (Indicate Changes)

1. TOTAL TAXABLE INCOME (Per Copy Federal Form 1120, 1120S, 1065 or appropriate schedules attached).................................................................................. $

2. ITEMS NOT DEDUCTIBLE (From Line M, Schedule X below)............................................. ADD

3. ITEMS NOT TAXABLE (From Line Z, Schedule X below)..................................................... DEDUCT

4. ENTER EXCESS OF LINE 2 or 3..........................................................................................................................................................................................................

ADJUSTED NET INCOME (Line 1 plus or minus Line 4).....................................................................................................................................................................

6. AMOUNT ALLOCABLE TO COVINGTON (If Schedule Y is used, ________________________ % of Line 5).................................................................................

7. AMOUNT SUBJECT TO MUNICIPAL INCOME TAX..............................................................................................................................................................................

8. COVINGTON TAX DUE - 1.5%............................................................................................................................................................................................................$

9. ESTIMATED PAYMENTS........................................................................................................................................................$

10. PRIOR YEAR OVERPAYMENTS..............................................................................................................................................

11. TOTAL CREDITS (Add Lines 9 and 10)....................................................................................................................................

(No tax due if less than $1.00)

12. BALANCE OF TAX DUE - (Subtract Line 11 from Line 8)...................................................................................................................................................................$

13. OVERPAYMENT (If Line 11 exceeds Line 8)..........................................................................................................................$

(No refund or credit if less than $1.00)

14. __________REFUND__________CREDIT TO__________ ...................................................................................................

(year)

ESTIMATED TAX (See Instructions)

15. TOTAL __________ ESTIMATED TAX DUE.............................................................................................................................

(year)

16. QUARTERLY AMOUNT DUE (1/4 of Line 15)..........................................................................................................................

17. PRIOR YEAR CREDIT (Line 14) APPLIED TO FIRST QUARTERLY PAYMENT.......................................................................

18. BALANCE OF QUARTERLY PAYMENT DUE (Line 16 minus Line 17)................................................................................................................................................$

19. TOTAL DUE (Add Lines 12 and 18) Make check or money order payable to VILLAGE OF COVINGTON, if $1 or more......................................................................$

SCHEDULE X - RECONCILIATION WITH FEDERAL INCOME TAX RETURN

ITEMS NOT DEDUCTIBLE

ADD

ITEMS NOT TAXABLE

DEDUCT

a. Capital Losses (Do not include ordinary losses from Federal Form

n. Capital Gains (Do not include ordinary gains from Federal Form

4797)...............................................................................................................$

4797)......................................................................................................$

b. Interest and/or Other Expenses Incurred in the production of non-

o. Interest earned or accrued.......................................................................

taxable income (at least 5% of Line Z).............................................................

p. Dividends (Less Federal exclusion)..........................................................

c. Income Taxes, City and State (If Deducted as Expense)..................................

q. Other items not taxable (explain)..............................................................

d. Net Operating loss deduction per Federal return..............................................

................................................................................................................

e. Payments to partners per Federal Form 1065..................................................

................................................................................................................

f. Retirement plan payments (Keogh, IRA, Tax Sheltered Annuity)......................

z. Total Deductions........................................................................................

g. Portion State of Ohio Franchise Tax based on Income.....................................

h. Other items not deductible (explain).................................................................

.........................................................................................................................

m. Total Additions.................................................................................................

SCHEDULE Y - BUSINESS ALLOCATION FORMULA (See Instructions)

The business allocation formula is to be used only in the absence of books and receipts which will

A Located

B Located in

C Percentage

disclose with reasonable accuracy that portion of the new profits which is attributed to that part of

Everywhere

Covington

(B + A)

the business within Covington.

Step 1. Average value of real and tangible personal property..............................................................................

Gross annual rentals multiplied by 8................................................................................................

Total step 1......................................................................................................................................

Step 2. Gross receipts from sales and work or services performed (See instructions)........................................

Step 3. Total wages, salaries, commissions, and other compensation of all employees.......................................

Step 4. Total percentages....................................................................................................................................

Step 5. Average percentage (Divide total percentages by number of percentages used - enter on % line 6 above) ........................................................................................................................

The undersigned declares that this return (and accompanying schedules) is a true, correct and complete return for the taxable period stated and that the figures used herein are the same as

used for Federal Income Tax Purposes, and if an audit of Federal return is made which affects tax liability shown on this return, an amended return will be filed within 3 months.

Preparer’s signature (other than taxpayer)

(Date)

Signature

(Title)

(Date)

If this return was prepared by a tax practitioner, may we contact your practitioner directly

with questions regarding the preparation of this return?

Address (and Zip Code)

YES

MAKE CHECKS PAYABLE TO VILLAGE OF COVINGTON INCOME TAX DIVISION