How is Taxable income determined for businesses?

The determination of "Taxable income" for the local tax generally follows the Internal Revenue Service (IRS) rules. The exceptions are on Schedule X. Some of them are:

  • Capital gains (except those taxed as ordinary income by the IRS), interest, and dividends are non-taxable.
  • Capital losses are non-deductible.

Show All Answers

1. Does a business have to file a return?
2. How should S-Corporations and Partnerships report their profits?
3. What income should an Incorporated business report?
4. What income should an Unincorporated (sole proprietor) business report?
5. How is Taxable income determined for businesses?
6. How are net operating losses treated?
7. Can I combine reporting for more than one unincorporated Trenton business on a single tax return?