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| *The Commerce Journal>>>United States Taxes |
Instructions for RCT-101 Pennsylvania Tax Form for Single Member LLC - Book Income? |
Can anyone direct me to a complete set of instructions that explains how to fill out the RCT-101 form. I'd be happy with an incomplete set as I can't find any instructions anywhere including the PA tax homepage (surprisingly). Maybe PA feels this form is self-explanitory. I am hung up on the definition of Book Income. I thought it was the net profit from the business after all taxes and salaries and stuff were paid. My SMLLC client is simply a consultant who has lots of income, but aside from mileage, no expense, no employees, and no retained earnings. Since he does a Schedule C, all of his income flows through to his personal tax return and is taxed on the PA-40. On one hand, I'm inclined to enter $0 for Book Income since there are no retained earnings. On the other hand, if I enter the Sch C net profit, it does not take into consideration his federal, state, or local tax liabilites which is shared with other family income and difficult to apportion to just the LLC. Help! Please consult the following link: |
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