Pa Schedule C (Form Pa-40 C) - Profit Or Loss From Business Or Profession Page 4
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6PA Schedule C
Profit or Loss from Business or
Profession (Sole Proprietorship)
PA-40 C (08-14) (FI)
PA DEPARTMENT OF REVENUE
the federal safe harbor method for determining the allowable
business activities, complete separate PA Schedule(s) C.
deduction for business use of a residence for Pennsylvania
Federal NAICS Code.
Provide your Federal NAICS Code as
Personal Income Tax purposes. All home office expenses must
identified on your Federal Schedule C.
be determined by using actual costs incurred.
Social Security Number (SSN).
Enter the SSN of the
Other Pennsylvania and Federal Income Tax
business owner. If you are married and you jointly owned the
Differences -
business, enter the SSN that you entered first on your PA tax
PA income from the operation of business generally differs
return.
from the income determined for federal income tax purposes.
A. Main Business Activity.
Describe the business or
Further, Pennsylvania will no longer accept a PA Schedule C-F
professional activity that provided your principal source of
Reconciliation for the purpose of adjusting the federal business
income for Line 1. Use the same description you use for
income to PA business income. Therefore, the items which
your Federal Schedule C. Enter the principal business or
were previously included as additions to PA income or expense
professional code you use on your Federal Schedule C.
on the PA Schedule C-F Reconciliation should be included with
B. Business Name.
Enter the name of the business as you
the specific line of income or expense on the PA Schedule C.
registered with the IRS.
In addition, those items which Pennsylvania does not require be
reported as income or does not allow as expense in determining
C. Taxpayer Identification Numbers.
Enter the
net business income, which are allowed in the determination
Federal Employer Identification Number (FEIN) assigned to
of net federal business income, should not be included in the
the business. If you do not have an FEIN for your Federal
specific business income or expenses on PA Schedule C.
Schedule C, leave this space blank. Enter the Sales Tax
License number if you have one, or leave this space blank.
Examples of items that Pennsylvania requires as additions to
income include: any advance receipts for goods or services;
D. Business Address.
Enter the complete address of the
working capital interest or dividend income including federal-
business.
exempt interest and dividend income from obligations of other
E. Closing Inventory Valuation.
Fill in the appropriate
states; gains from the sale of business assets where the prop-
oval. Submit an explanation if necessary.
erty is replaced by similar property; gains from like-kind
F. Accounting Method.
Fill in the oval for the accounting
exchanges; gains from involuntary conversions (such as those
method you use for this business. Submit an explanation
from IRC Section 1033); and gains from the sale of property
if necessary.
where PA basis is different than federal basis.
G. Inventory Changes.
Check “Yes” or “No” for this
Examples of items that Pennsylvania allows as additions to
question. Submit an explanation if necessary.
expenses that required a reduction for federal tax purposes
H. Office In-Home.
include: meals, travel and entertainment expense deduction of
Check “Yes” if you deduct expenses
100 percent by Pennsylvania for the expenses incurred; any
for an office in-home. Check “No” if you do not deduct
differences in depreciation related to differences in basis of
expenses for an office in-home.
assets, amount of allowable Section 179 expense, or method
Out of Business.
I.
If the business is out-of-existence at
of depreciation for federal or PA purposes; and any other
the end of the tax year for which you are filing, fill in the
reductions in federal expenses allowed at 100 percent for PA
oval.
personal income tax purposes.
Part I. Income
Examples of items that Pennsylvania requires as reductions in
Use generally accepted accounting principles and practices to
federal income or expenses include: income taxes based upon
maintain your books and records, and report your income from
gross or net income; any differences in depreciation related to
your business or professional activity.
differences in basis of assets, amount of allowable Section 179
Line 1a.
Gross receipts or sales. Include all amounts you
expense, or method of depreciation for federal or PA purposes;
received in operating your business or profession. PA law does
recognition of cancellation of debt income; recognition of income
not contain provisions for statutory employees. A statutory
from IRC Section 481(a) spread adjustments; payments for
employee reports his or her PA taxable income on Line 1a,
owner pension, profit-sharing plans, deferred, or welfare benefit
PA-40, and uses PA Schedule UE to deduct his or her allowable
plans; percentage depletion; direct expensing of organizational
employee business expenses.
expenses or syndication fees; losses from the sale of prop-
Installment Sales.
erty where PA basis is different than federal basis; and any
You may use the installment method
other income or expenses where there is a specialized federal
for sales of inventory. Include interest on such sales in gross
treatment that is not specifically addressed or allowed by PA
receipts.
personal income tax law that might involve additional expens-
Land and Buildings.
For PA purposes, you may not include
ing, expensing verses capitalization, carry back or carry for-
the sales of land and buildings on PA Schedule C unless the
ward of losses, income recognition, or other special treat-
property sold is replaced. When the property sold is not
ments.
replaced, the department deems such sales as dispositions of
Line Instructions
a segment of a business to be reflected on PA Schedule D.
Identification Information.
Line 1b.
Returns and allowances. This amount is the same
Complete each line.
for both Pennsylvania and federal purposes. If you report a dif-
Owner's Name.
Enter the name of the business owner. If you
ferent amount for Pennsylvania, submit an explanation.
are married and you jointly owned the business with your spouse,
Line 2.
Cost of goods sold. This amount is the same for
enter both names. If you and your spouse have separate
PAGE 2
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