Pennsylvania Small Business Accounting Package

Category:
State:
Pennsylvania
Control #:
PA-P007-PKG
Format:
Word; 
PDF; 
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Description

This Small Business Accounting Package contains many of the business forms needed to operate and maintain a small business, including a variety of accounting forms. These forms may be adapted to suit your particular business or situation.


Included in your package are the following forms:



1. Profit and Loss Statement


2. Aging Accounts Payable form


3. Balance Sheet Deposit


4. Cash Disbursements and Receipts form


5. Check Request form


6. Daily Accounts Receivables form


7. Depreciation Schedule


8. Invoice


9. Petty Cash form


10. Purchase Order


11. Purchasing Cost Estimate


12. Records Management form


13. Yearly Expenses form


14. Yearly Expenses form by Quarter


Purchase this package and save up to 50% over purchasing the forms separately!



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FAQ

You use Schedule C to report profits or losses from a sole proprietorship. A sole proprietorship is any business you operate and control that is not set up as a legal business entity such as a corporation or partnership.It does not have to be a business with employees or an office, but it can.

Schedule C is a place to report the revenue from your business, as well as all the types of expenses you incurred to run your business. Your business income minus your business expenses is your net profit (or loss). You then report your net profit as income on your Form 1040.

Anyone who operates a business as a sole proprietor must fill out Schedule C when filing their annual tax return. Schedule C accompanies the main tax return form, 1040, for taxpayers who must report a profit or loss from their business.

To start a business in Pennsylvania, you will likely have to pay application and licensing fees. To obtain a Pennsylvania LLC Certificate of Organization, for example, costs about $125. Additional fees might be required if your business is structured as a corporation, sole proprietorship or partnership.

PA SCHEDULE A (LINE 2) If your total PA-taxable interest income(taxpayer, spouse and/or joint) is more than $2,500, you must complete PA Schedule A, with the name and PA-taxable interest of the payer from each Form 1099 or other statement.

Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service. Beware of websites on the Internet that charge for this free service.

Report all transactions directly related to your business or profession on PA Schedule C.Even if you have no differences between your federal and Pennsylvania expenses, you must complete and include PA Schedule C to report your income for Pennsylvania personal income tax purposes.

To cover your federal taxes, saving 30% of your business income is a solid rule of thumb. According to John Hewitt, founder of Liberty Tax Service, the total amount you should set aside to cover both federal and state taxes should be 30-40% of what you earn.

Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service and you can get your EIN immediately.

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Pennsylvania Small Business Accounting Package