Schedule M Individual - Professions And Commissions Income - 2012

Schedule M Individual

PROFESSIONS AND COMMISSIONS

Rev. Feb 19 13

INCOME

2012

Taxable year beginning on _________________, _____ and ending on ________________, _____

Taxpayer’s name

Social Security Number

Part I

Questionaire

(You must fill out one schedule for each source of income)

67

Employer Identification Number

Fill in one:

Fill in here if this is your principal

Income from (fill in one):

industry or business

3 Professions

1 Taxpayer

2 Spouse

4 Commissions

Date operations began:

Merchant’s Registration Number

Location of Principal Office - Number, Street and City

Day ____ Month ____ Year ____

Nature of profession (i.e. lawyer, accountant, commission agent, etc.)

Number of employees

Industrial Code

Code

Indicate if you claimed expenses related to the ownership, use, maintenance and depreciation of the following concepts (fill in as applicable). Also, indicate if the business derived

more than 80% of the total income from activities related exclusively to fishing, passenger or cargo transportation or leasing in the case of vessels, passenger or cargo transportation

or leasing in the case of airships, or leasing of property to non related persons in the case of residential property outside of Puerto Rico.

Concept

Indicate if you claimed expenses

Indicate if you derived 80% or more of the income from this activity

1 automobiles

Yes

No

Yes

No

2 vessels

Yes

No

Yes

No

Yes

No

Yes

No

3 airships

4 Residential property outside of Puerto Rico

Yes

No

Yes

No

Part II

Determination of Gain or Loss

75

1.

Income ..............................................................................................................................................................................

00

(01)

2.

Income earned through corporations of individuals, partnerships and special partnerships …...................................................……

00

(10)

3.

Less: Operating expenses and other costs (Detail in Part III) .....................................................................................

00

(11)

4.

00

Net income for the current year (Subtract line 3 from the sum of lines 1 and 2) ......................................................................................

(12)

00

5.

Less: Net operating loss from previous years (Submit schedule, see instructions) .........................................................................

(13)

6.

Gain (or loss) (If it is a gain, transfer to page 2, Part 1, line 2K of the return or line 3K, Column B or C of Schedule CO Individual, as applicable.

00

If it is a loss, see instructions)

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

(20)

Part III

Operating Expenses and Other Costs

81

A. Expenses allowable against alternate basic tax:

1.

Salaries, commissions and allowances to employees (Total $ __________) (See instructions) ............

00

(01)

2.

Payroll expenses (See instructions) .................................................................................................

00

(02)

00

3.

Medical or hospitalization insurance .........................................................................................

(03)

Contributions to qualified pension plans (See instructions. Submit Form AS 6042.1) ............................

00

4.

(04)

5.

Professional services (See instructions) ....................................................................................

00

(05)

6.

Lease, rent and royalties paid (See instructions) .........................................................................

00

(06)

00

7.

Interest on business debts .......................................................................................................

(07)

8.

Property taxes, patents and licenses ...........................................................................................

00

(08)

9.

Insurances (See instructions) ......................................................................................................

00

(09)

10.

Utilities .................................................................................................................................

00

(10)

00

11.

Depreciation and amortization (Submit Schedule E) .....................................................................

(11)

Automobile expenses (Mileage____________) (See instructions) .....................................................

00

12.

(12)

13.

Other motor vehicles expenses (See instructions) .......................................................................

00

(13)

14.

Federal self employment tax (See instructions) ...........................................................................

00

(14)

00

15.

Direct essential costs (Submit detailed schedule. See instructions) .................................................

(15)

Subtotal (Add lines 1 through 15) ............................................................................................

(16)

16.

00

B. Other deductions:

17.

Commissions to businesses ......................................................................................................

00

(17)

00

18.

Repairs .................................................................................................................................

(18)

19.

Other insurances ......................................................................................................................

00

(19)

20.

Advertising .............................................................................................................................

00

(20)

21.

Travel expenses ....................................................................................................................

00

(21)

00

22.

Meal and entertainment expenses (Total expenses $_______________) (See instructions) .................

(22)

23.

Materials and supplies ............................................................................................................

00

(23)

24.

Bad debts .............................................................................................................................

00

(24)

00

25.

Other expenses (Submit detailed schedule) ................................................................................

(25)

Subtotal (Add lines 17 through 25) .........................................................................................

26.

(26)

00

27.

Total (Add lines 16 and 26. Transfer to Part II, line 3 of this Schedule ) ........................................

(30)

00

Retention Period: Ten (10) years