Schedule Eds - Economic Development Surcharge - 2012

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Economic Development Surcharge
EDS
SCHEDULE
2012
(To be completed only by individuals, estates, and trusts)
u Enclose with your Wisconsin income tax return u
Wisconsin Department of Revenue
Name(s) shown on Form 1, 1NPR, or 2
Identifying number as shown on page 1 of your tax return
1 If you have gross receipts of $4,000,000 or more from trade or business activities, fill in
your nonfarm net business income (if your nonfarm income is a net loss, fill in -0- and
enter $25 on line 2). Note: If you are engaged only in farming, do not complete lines 1
and 2. Instead, complete line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2 Multiply the amount on line 1 by .002 and fill in the result. But, if the result is less than
$25, fill in $25. If the result is more than $9,800, fill in $9,800. Fill in here and on line 35
of Form 1, line 61 of Form 1NPR, or line 18 of Form 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
3 If you are engaged only in farming in Wisconsin and have gross receipts from farming of
$4,000,000 or more for federal income tax purposes, fill in $25 here and on line 35 of
Form 1, line 61 of Form 1NPR, or line 18 of Form 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
GENERAL INSTRUCTIONS
Who is subject to the surcharge The economic develop-
Gross receipts from nonfarm trade or business activities
ment surcharge applies to individuals, estates, and trusts
include the amount from line 1 of federal Schedule C
who must file a Wisconsin income tax return and have:
or C-EZ plus the gross sales price of business assets
producing ordinary income or loss from federal Form 4797.
• Trade or business activities (including activities as a
statutory employee) in Wisconsin and have $4,000,000
Gross receipts from farming include the total receipts or
or more of gross receipts from trade or business
sales from lines 1c, 2a, 2b, 3a, 4a, 5a, 6a, 7a and 7b of
activities for federal income tax purposes.
federal Schedule F plus the sales price of farm assets
producing ordinary income or loss from federal Form 4797.
Exceptions The surcharge does not apply to an indi-
vidual who is a duly ordained, commissioned, or licensed
Net business income Net business income is the net
minister, member of a religious order, or Christian Science
profit (loss) from trades or businesses (as defined later)
practitioner. This exception is limited to income related to
except farming. It includes net income received as a
the performance of ministerial services, duties required by
statutory employee, reportable on federal Schedule C,
the order, or service as a Christian Science practitioner.
line 31, or Schedule C-EZ, line 3. The net profit is all
business income less all deductible business expenses for
federal income tax purposes, even though some business
Definitions
activities may be conducted outside Wisconsin. It includes
ordinary income (loss) reported on Form 4797, line 18b.
Farming Farming is the cultivation of land or the raising
For purposes of computing the surcharge, net business
or harvesting of any agricultural or horticultural commodity
income is reduced by the deductible part of federal
including the raising, shearing, feeding, caring for, training,
self-employment taxes paid on the business income and
and management of animals. Trees, other than trees
for the federal self-employed health insurance deduction
bearing fruit or nuts, aren’t treated as an agricultural or
if the insurance plan was established under the business.
horticultural commodity. Raising or harvesting Christmas
trees is not considered farming.
Gross receipts Gross receipts from trade or business
CAUTION As of the date this form was printed, the IRS
activities include:
had not released drafts of the 2012 federal Forms C,
C-EZ, or F. The references in these instructions to lines
• Total receipts or sales from all farm and nonfarm trade
on the federal forms are based on 2011 federal forms.
or business activities (as defined later) reportable for
If there is a difference between the lines on the 2011
federal income tax purposes, before deducting returns
and 2012 federal forms, be sure to use the amount
and allowances or any other business expenses.
from the appropriate line on the 2012 forms.
• Total wages received as a statutory employee, before
deducting any business expenses.
I-032S

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