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Get the free Total Gross Receipts Net General Fund Revenues - dom.iowa.gov

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Dec18Form 635.1Department of Management197939Adoption of Budget and Certification of City Taxes FISCAL YEAR BEGINNING JULY 1, 2020, ENDING JUNE 30, 2021, The City of:County Name:SLOANResolution No.:202005Date
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01
Gather all financial documents that show all income received by the business.
02
Calculate the total income received by adding all sources of income together.
03
Subtract any returns, allowances, or discounts from the total income.
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The result is the total gross receipts net.

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Total gross receipts net refers to the total amount of income received by a business after deducting any returns, allowances, and discounts.
Businesses and individuals who earn income through sales or services are required to file total gross receipts net.
To fill out total gross receipts net, you need to calculate your total income received from sales or services, deduct any returns or discounts, and report the net amount on the appropriate tax forms.
The purpose of total gross receipts net is to accurately report the income earned by a business or individual from sales or services.
The information that must be reported on total gross receipts net includes the total amount of income received, any returns or discounts deducted, and the net income earned.
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