Schedule M Individual - Professions And Commissions Income - Government Puerto Rico - 2011

Schedule M Individual

PROFESSIONS AND COMMISSIONS

Rev. Mar 9 12

INCOME

2011

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 industry

Income from (fill in one):

or business

3 Professions

1 Taxpayer

2 Spouse

4 Commissions

Merchant’s Registration Number

Location of Principal Office - Number, Street and City

Date operations began:

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 freight transportation or leasing in the case of vessels, passenger or freight 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

3 airships

Yes

No

Yes

No

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.

00

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

(11)

4.

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

00

(12)

5.

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

00

(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

85

A. Expenses allowable against alternate basic tax:

00

1.

Salaries, commissions and allowances to employees .................................................................

(01)

Payroll expenses ……………………..................................................................................….

00

2.

(02)

3.

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

00

(03)

4.

Rent paid …………………………………............................................................................…….

00

(04)

00

5.

Property taxes ………………………...........................................................................………….

(05)

Other taxes, patents and licenses …......................................................................………………

00

6.

(06)

7.

Utilities ……………………………................................................................................…………

00

(07)

8.

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

00

(08)

00

9.

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

(09)

Subtotal (Add lines 1 through 9) …............................................................................……………

10.

(10)

00

B. Other deductions:

11.

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

00

(11)

00

12.

Contributions to pension plans ……....................................................………………………

(12)

Contributions to deferred income plans …..............................………………………………

00

13.

(13)

14.

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

00

(14)

15.

Repairs…………………….........................…............................………………………………

00

(15)

00

16.

Motor vehicles expenses (Mileage ___________) (See instructions)….....................……………

(16)

Insurance ………...............................................................……………………………………

00

17.

(17)

18.

Advertising ............................................................……………………………………………

00

(18)

19.

Travel expenses …….........................................................................…………………………

00

(19)

00

20.

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

(20)

Professional services ……….....................................................................………………………

00

21.

(21)

22.

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

00

(22)

23.

Bad debts ………………………………………………....................................................…………

00

(23)

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

00

24.

(24)

Subtotal (Add lines 11 through 24) ………................................................................…………….

25.

(25)

00

26.

Total (Add lines 10 and 25. Transfer to Part II, line 3 of this Schedule ) …............................………

(30)

00

Retention Period: Ten (10) years