Form Pa-40 C - Pa Schedule C - Profit Or Loss From Business Or Profession

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1503110056

PA Schedule C

Profit or Loss from

Business or Profession

START

(Sole Proprietorship)

HERE

PA-40 C (08-15) (FI)

PA DEPARTMENT OF REVENUE

Include with Form PA-40, PA-20S/PA-65 or PA-41

OFFICIAL USE ONLY

Name of owner as shown on PA tax return:

Owner’s

Social Security number

A. Main business activity

Product or service

C. Federal Employer Identification Number

B. Business name

D. Business address (number and street)

City, State and ZIP Code

E. Method(s) used to value closing inventory. Fill in the appropriate oval:

Sales Tax License Number (if applicable)

(1)

Cost

(2)

Lower of cost or market

(3)

Other (if other, attach explanation)

F. Accounting method. Fill in the appropriate oval:

(1)

Cash

(2)

Accrual

(3)

Other (specify)

. . . . . . . . . . . . . . . . . . . . Yes No

Federal NAICS Code

G. Was there any change in determining quantities, costs, or valuations . . . . . . . . . . . . . . . . .

between opening and closing inventory? If “Yes,” submit explanation.

H. Did you deduct expenses for an office in your home? . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I. If the business is out of existence, fill in this oval. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART I Income

1. a. Gross receipts or sales . . . . . . . . . . . . . . . . . . . . . . . . . . 1a.

b. Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . 1b.

c. Balance (subtract Line 1b from Line 1a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1c.

2. Cost of goods sold and/or operations (Schedule C-1, Line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Gross profit (subtract Line 2 from Line 1c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Other Income (submit statement). Include interest from accounts receivable, business checking accounts

and other business accounts. Also include sales of operational assets.

5. Total income (add Lines 3 and 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II Deductions

6. Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28. Supplies (not included on Schedule C-1) . . . . . .

29. Taxes

7. Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . .

30. Telephone . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8. Bad debts from sales or services . . . . . . . . . . . .

9. Bank charges . . . . . . . . . . . . . . . . . . . . . . . . . .

31. Travel and entertainment . . . . . . . . . . . . . . . . . .

10. Car and truck expenses . . . . . . . . . . . . . . . . . . .

32. Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Commissions . . . . . . . . . . . . . . . . . . . . . . . . . .

33. Wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Cost depletion but not percentage depletion . . . .

34. IDCs (1/3 current expensing) . . . . . . . . . . . . . . .

13. a.

Regular depreciation . . . . . . . . . . . . . . . . .

35. IDCs (amortization) . . . . . . . . . . . . . . . . . . . . .

13. b.

Section 179 expense . . . . . . . . . . . . . . . .

36. Start-up costs (direct expense) . . . . . . . . . . . . .

14. Dues and publications . . . . . . . . . . . . . . . . . . . .

37. Other expenses (specify):

15. Employee benefit programs other than on Line 23

a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Freight (not included on Schedule C-1) . . . . . . . .

b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Interest on business indebtedness . . . . . . . . . . .

d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Laundry and cleaning . . . . . . . . . . . . . . . . . . . .

e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Legal and professional services . . . . . . . . . . . . .

f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21. Management fees . . . . . . . . . . . . . . . . . . . . . . .

g. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22. Office supplies . . . . . . . . . . . . . . . . . . . . . . . . .

h. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. Pension and profit-sharing plans for employees . .

37. Total other expenses . . . . . . . . . . . . . . . . . . . . .

24. Postage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38. Total expenses. (add Lines 6 through 37) . . . . . .

25. Rent on business property . . . . . . . . . . . . . . . . .

39. Reduce expenses by the total business

credits claimed (for example, Employment

26. Repairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Incentive Payments Credit) on your PA-40.

27. Subcontractor fees . . . . . . . . . . . . . . . . . . . . . .

40. Total adjusted expenses (subtract Line 39 from Line 38). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41. Net profit or loss (subtract Line 40 from Line 5). If a net loss, fill in the oval. Enter the result on your PA tax return. . . . . . . . . .Loss

41.

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