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Council of the City of York, PA Session 2021 Bill No. 39 Ordinance No. 39 INTRODUCED BY:Judy A. RitterDicksonDATE: August 17, 2021AN ORDINANCE Amending Bill No. 17, Ordinance No. 17 approved on July
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UFT stands for Unincorporated Franchise Tax, which is a tax levied on unincorporated businesses and individuals earning income from sources requiring the payment of this tax.
Individuals or businesses that operate as sole proprietors, partnerships, or limited liability companies (LLCs) without being incorporated and have taxable income are required to file UFT.
To fill out UFT, a taxpayer must complete the designated forms provided by the tax authority, detailing income, deductions, and any credits. This usually includes financial statements or schedules that reflect total earnings and allowable expenses.
The purpose of UFT is to collect taxes from unincorporated businesses to ensure they contribute to state and local revenues in a manner similar to corporations.
Information required on UFT typically includes total income, business expenses, and any applicable tax credits. Taxpayers must report income earned from all sources and detail deductions accurately.
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