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Net bProfitb tax return - City of Somerset 2026

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The document is a Net Profits Tax Return form for the City of Somerset, KY, detailing the requirements for businesses to report their net profits for tax purposes. It includes sections for business classification, income calculations, deductions, and penalties for late payments. The form must be completed accurately and submitted by a specified due date, along with applicable federal returns.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the 'Date business began' and if applicable, the date of discontinuation. Indicate whether this is a dissolution, sale, or final return.
Fill in your mailing address and provide your Social Security Number or Federal ID number.
Complete the income and deduction sections by referencing your federal return. Enter total gross income, total business deductions, and calculate net business income.
Add any items not deductible as specified in Schedule B and calculate your adjusted net business income.
Determine the net profits subject to Somerset's fee by multiplying the adjusted net business income by the average percentage from Schedule C.
Calculate any credits or estimated payments and determine if there is a refund or balance due.
Finally, ensure you sign the form where indicated before submitting it through our platform for easy processing.

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What is net profit on a tax return?

How do you calculate net profit? You subtract all expenses (like costs, operating charges, interest, and taxes) from the companys total revenue and other income.

Where to find net profit on tax return?

For sole proprietors, the net profit calculation is made on the bottom of the front page of your Schedule C or on Line 3 of your C-EZ. If you have more than one Schedule C, the results from each one are computed separately.

What is the income tax rate in Somerset KY?

Kentucky imposes a flat income tax of 4%. The tax rate is the same no matter what filing status you use.

How to find net profit on tax return?

You do this by subtracting your business expenses from your business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040 or 1040-SR. If your expenses are more than your income, the difference is a net loss.

How do I figure out my net profit?

Net profit includes an aggregation of the total revenue that the company has earned, from which the cost of goods sold, operating expenses, other expenses, and taxes have been deducted. It represents the amount of money the company retains after all these allowable costs have been paid.