Business Tax Return - City Of Trenton Income Tax Division

CITY OF TRENTON 2012

BUSINESS INCOME TAX RETURN INSTRUCTIONS

Office Phone: (513) 428-0158

Website:

Mail to: 11 East State St., Trenton, OH 45067

Returns must be filed by everyone required to submit a Declaration of Estimated Tax, even though the Declaration was accurate and paid in full.

General Instructions:

If you are filing for any year other than 01/01/2012 through 12/31/2012, indicate the year of the tax return with beginning and ending

dates. Fiscal year taxpayers should use the beginning year of the fiscal period as the year of the tax return.

1. If you received a pre-printed form containing incorrect information, make the necessary corrections to the form. If the form is not

pre-printed, please enter the information in the spaces provided for name, address and EIN/FID number.

2. Complete the box that pertains to the filing of a city return in the previous year, the combined corporate return question and

whether or not the account should be inactivated. If your account should be inactivated, provide an explanation. If this is a final

return, give the reason why. If you sold the business, provide the name, address and phone number of the purchaser on a separate

attachment.

3. Check the appropriate box that corresponds to the filing status of the business.

4. If you are amending a tax year, place an “X” in the box marked AMENDED and be sure to indicate the year that you are

amending in the space provided. Include your Amended Federal Return or documentation pertaining to the Internal Revenue

Service audit.

Part A –TAX CALCULATION

LINE 1: Enter the Adjusted Federal Taxable Income (AFTI). As defined by Ohio Revised Code this is a C corporation’s federal

taxable income before net operating losses and special deductions. Other business entities must compute the AFTI as if they were a C

Corporation. Generally this is the line titled “Income/(Loss) Reconciliation” on the Schedule K of the Form 1120S for Subchapter S

Corporations or Line 1 page 4 of the Form 1065 Analysis of Net Income (Loss) for partnerships and Limited Liability Companies.

LINE 2: Enter the total adjustments from Schedule X.

LINE 3: Line 1 plus or minus Line 2.

LINE 4: Enter the apportionment percentage from Step 5 of Schedule Y.

LINE 5: Multiply Line 3 by Line 4.

LINE 6: Enter the amount of net operating losses apportioned to Trenton. Operating losses may be carried forward for a maximum

period of three tax years. Deduct Trenton rental losses and loss carry-forwards from prior years. Add Trenton stock option expenses

and Trenton rental income. An explanatory schedule is required to support any adjustments made on this line.

LINE 7: Line 5 plus or minus Line 6.

LINE 8: Multiply Line 7 by 1.5% (.015)

LINE 9a: Enter the amount of estimated tax payments including any amounts paid with an extension. Estimated payments may be

subject to the underpayment of estimated tax penalty. Businesses must remit quarterly estimates equal to 100% of the prior year’s tax

or 90% of the current year’s tax.

LINE 9b: Enter the amount of the overpayment from prior years credited to 2012.

LINE 10: Line 9a plus Line 9b.

LINE 11: If Line 8 is greater than Line 10, enter the tax due.

LINE 12: There is 3% per month penalty and 2% per month interest due on all late payments.

LINE 13: Line 11 plus Line 12.

LINE 14: If Line 10 is greater than Line 8, enter the overpayment.

LINE 15: Enter the amount to be refunded. Amounts less than $3.00 will not be refunded.

LINE 16: Enter the amount to be credited to tax year 2013 estimated tax liability.

Business Tax Return - City Of Trenton Income Tax Division - 2012 Page 3