Pennsylvania REV-1504 -- Schedule C — Closely-Held Corporation, Partnership or Sole-Proprietorship is a form used by the Pennsylvania Department of Revenue to report the income, gains, losses, deductions, and credits of a closely-held business. It is used by corporations, partnerships, and sole proprietorship to report their income on the state level. It is also used to calculate the amount of tax due to the state. The form has three different versions depending on the type of business entity filing: 1. Schedule C-Closely-Held Corporation: Used by corporations that are owned and managed by fewer than 5 shareholders. 2. Schedule C-Partnership: Used by partnerships to report the income, gains, losses, deductions, and credits of the business. 3. Schedule C-Sole-Proprietorship: Used by businesses that are owned and managed by a single individual. The form requires businesses to provide information on their income, expenses, and other financial information. It also requires businesses to calculate their net income or loss, which is then used to determine the amount of tax due.
Pennsylvania REV-1504 -- Schedule C - Closely-Held Corporation, Partnership or Sole-Proprietorship
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FAQ
Give your assets away If you give assets away and you survive for at least 7 years then all gifts are free and avoid inheritance tax. If you die within 7 years then inheritance tax will be paid on a reducing scale.
Property owned jointly between husband and wife is exempt from inheritance tax, while property inherited from a spouse, or from a child aged 21 or younger by a parent, is taxed a rate of 0%. Inheritance tax returns are due nine calendar months after a person's death.
Cash, investments or property held in a trust sit outside of your estate for inheritance tax purposes, and can therefore help you avoid an inheritance tax bill. You may want to set up a trust for your children, grandchildren, or other family members.
One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.
The most important exemption is for property that is owned jointly by a husband and wife. Therefore, if you and your spouse own all of your property jointly, upon death of the first spouse there will be no Pennsylvania inheritance tax.
REV-1313 -- Application for Refund of Pennsylvania Inheritance/Estate Tax. REV-1381 -- Stocks/Bonds Inventory. REV-1500 -- Inheritance Tax Return - Resident Decedent. REV-1502 -- Schedule A - Real Estate.
The purpose of REV-1543 is to make sure that the tax on a joint bank account is paid regardless of whether an estate files a REV-1500. The purpose of checkbox E on the REV- 1543 is to deflect tax collection efforts away from the surviving joint owner toward the estate, so that the tax is not being collected twice.
The tax rate for Pennsylvania Inheritance Tax is 4.5% for transfers to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs (except charitable organizations, exempt institutions, and government entities that are exempt from tax).