Monika
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Need clarification on filling out EIT form
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Monday, April 02, 2007 10:12 PM
It seems so easy but I need to make sure I understand it correctly. For someone who had both W-2 and self-employment income, what goes where? Does the total of W-2 and 1099 go on line 1? Where would the business expenses go? On the Losses line?
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Frankg
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RE: Need clarification on filling out EIT form
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Tuesday, April 03, 2007 5:13 AM
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sunrisebch
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RE: Need clarification on filling out EIT form
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Tuesday, April 03, 2007 10:42 AM
ORIGINAL: Frankg its those easy ones that get you every time lol for Berkhiemer http://www.hab-inc.com/content/upload/AssetMgmt/images/forms/Final.pdf Say Frank, am just curious...is that a PA STATE Return? Am in the middle of an S-Corp MA return meself...seen an AZ, MT, FL, NH,VT, CT,OH but not a PA yet... Hope your season is going well! Mish Moneypenny a.k.a Amy
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Frankg
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RE: Need clarification on filling out EIT form
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Tuesday, April 03, 2007 10:50 AM
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Monika
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RE: Need clarification on filling out EIT form
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Thursday, April 05, 2007 10:13 PM
ORIGINAL: Frankg its those easy ones that get you every time lol for Berkhiemer http://www.hab-inc.com/content/upload/AssetMgmt/images/forms/Final.pdf on line 1 put your W-2 income on line 4 put any business losses on line 6 put any business income for some other local forms it could be line 1 for w-2 line 3 for business losses line 5 for business profits It's the chestnuthill twp tax form, not berkheimer so it looks a bit different. Just to clarify, when you say business losses do you mean business expenses as in the ones deducted from gross 1099 amount to arrive at net income from selfemployment? That's where I get uncertain since terms "loss" and "income" suggest NET to me as in gross compensation 50,000, business expenses 30,000 - net profit = 20,000. so in this example, do I put 50,000 on line 1 (called Gross Earned Income) and 20,000 on line 5 (called Net Profits) or skip line 1 and just enter 20,000 on 5? annoying little bugger, this form!
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Frankg
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RE: Need clarification on filling out EIT form
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Thursday, April 05, 2007 10:32 PM
oh chestnuthill - yeap slightly different. for those playing along, here is a link to chestnuthill's EIT form http://www.chestnuthilltwp-pa.gov/TaxForm.pdf it is what a lot of townships use, BTW. yeap net business gain/loss (gross business income 1099 and non-1099 income less business expenses). check out the instruction set on the link i have for chestnuthill. it wasn't logical for me either when i first did one. silly to put one on one line and profit on another. you can't offset net business losses against WAGES - by separating them, i guess they can see it faster. PA is great in that they don't want to know about losses. if you look at the instructions of line 9 of pa 40 http://www.revenue.state.pa.us/revenue/lib/revenue/2006_pa-40_savable_fillin.pdf "DO NOT ADD any losses from line 4,5, or 6" <translation we want our cake and to eat it too. (sorry but its not very fair)
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Monika
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RE: Need clarification on filling out EIT form
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Thursday, April 05, 2007 10:58 PM
Thanks Frank! btw, do you know what form Polk twp uses?
<message edited by Monika on Thursday, April 05, 2007 11:01 PM>
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Frankg
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RE: Need clarification on filling out EIT form
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Thursday, April 05, 2007 11:06 PM
same form - if you white out the chestnuthill info and put in polk info you will have the polk form
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Monika
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RE: Need clarification on filling out EIT form
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Friday, April 06, 2007 7:52 AM
Great news! Thanks! I'll go get my white-out :)
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Frankg
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RE: Need clarification on filling out EIT form
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Friday, April 06, 2007 8:06 AM
Polk Township Earned Income Tax Office PO Box 123 Kresgeville, PA 18333-0123 Check Payable to Polk Township EITO
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Monika
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RE: Need clarification on filling out EIT form
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Friday, April 06, 2007 9:43 PM
Many thanks Frank! You saved me a bit of work - less work - always a good thing :)
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