Form Pa-40 C - Pa Schedule C - Profit Or Loss From Business Or Profession (Sole Proprietorship) Page 4
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6PA Schedule C
Profit or Loss from Business or
Profession (Sole Proprietorship)
PA-40 C (09–12) (FI)
PA DEPARTMENT OF REVENUE
Other Pennsylvania and Federal Income Tax
Line Instructions
Differences -
Identification Information.
Complete each line.
PA income from the operation of business generally differs
Owner's Name.
Enter the name of the business owner. If you
from the income determined for federal income tax purposes.
are married and you jointly owned the business with your spouse,
enter both names. If you and your spouse have separate
Further, Pennsylvania will no longer accept a PA Schedule C-F
business activities, complete separate PA Schedule(s) C.
Reconciliation for the purpose of adjusting the federal business
income to PA business income. Therefore, the items which
Federal NAICS Code.
Provide your Federal NAICS Code as
were previously included as additions to PA income or expense
identified on your Federal Schedule C.
on the PA Schedule C-F Reconciliation should be included with
Social Security Number (SSN).
Enter the SSN of the
the specific line of income or expense on the PA Schedule C.
business owner. If you are married and you jointly owned the
In addition, those items which Pennsylvania does not require be
business, enter the SSN that you entered first on your PA tax
reported as income or does not allow as expense in determining
return.
net business income, which are allowed in the determination
A. Main Business Activity.
Describe the business or
of net federal business income, should not be included in the
professional activity that provided your principal source of
specific business income or expenses on PA Schedule C.
income for Line 1. Use the same description you use for
your Federal Schedule C. Enter the principal business or
Examples of items that Pennsylvania requires as additions to
professional code you use on your Federal Schedule C.
income include: any advance receipts for goods or services;
B. Business Name.
Enter the name of the business as you
working capital interest or dividend income including federal-
registered with the IRS.
exempt interest and dividend income from obligations of other
C. Taxpayer Identification Numbers.
Enter the
states; gains from the sale of business assets where the prop-
Federal Employer Identification Number (FEIN) assigned to
erty is replaced by similar property; gains from like-kind
the business. If you do not have an FEIN for your Federal
exchanges; gains from involuntary conversions (such as those
Schedule C, leave this space blank. Enter the Sales Tax
from IRC Section 1033); and gains from the sale of property
License number if you have one, or leave this space blank.
where PA basis is different than federal basis.
D. Business Address.
Enter the complete address of the
business.
Examples of items that Pennsylvania allows as additions to
E. Closing Inventory Valuation.
Fill in the appropriate
expenses that required a reduction for federal tax purposes
oval. Submit an explanation if necessary.
include: a meals, travel and entertainment expense deduction
F. Accounting Method.
Fill in the oval for the accounting
of 100 percent by Pennsylvania for the expenses incurred; any
method you use for this business. Submit an explanation
differences in depreciation related to differences in basis of
if necessary.
assets, amount of allowable Section 179 expense, or method
G. Inventory Changes.
Check “Yes” or “No” for this
of depreciation for federal or PA purposes; and any other
question. Submit an explanation if necessary.
reductions in federal expenses allowed at 100 percent for PA
H. Office In-Home.
Check “Yes” if you deduct expenses
personal income tax purposes.
for an office in-home. Check “No” if you do not deduct
Examples of items that Pennsylvania requires as reductions in
expenses for an office in-home.
federal income or expenses include: income taxes based upon
Out of Business.
I.
If the business is out-of-existence at
gross or net income; any differences in depreciation related to
the end of the tax year for which you are filing, fill in the
differences in basis of assets, amount of allowable Section 179
oval.
expense, or method of depreciation for federal or PA purposes;
Part I. Income
recognition of cancellation of debt income; recognition of income
Use generally accepted accounting principles and practices to
from IRC Section 481(a) spread adjustments; payments for
maintain your books and records, and report your income
owner pension, profit-sharing plans, deferred, or welfare benefit
from your business or professional activity.
plans; percentage depletion; direct expensing of organizational
Line 1a.
Gross receipts or sales. Include all amounts you
expenses, start-up costs, intangible drilling costs or syndication
received in operating your business or profession. PA law does
fees; losses from the sale of property where PA basis is
not contain provisions for statutory employees. A statutory
different than federal basis; and any other income or expenses
employee reports his or her PA taxable income on Line 1a,
where there is a specialized federal treatment that is not
PA-40, and uses PA Schedule UE to deduct his or her allowable
employee business expenses.
specifically addressed or allowed by PA personal income tax law
that might involve additional expensing, expensing verses
Installment Sales.
You may use the installment method
capitalization, carry back or carry forward of losses, income
for sales of inventory. Include interest on such sales in gross
recognition, or other special treatments.
receipts.
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