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New York Department Of Revenue, New York Tax

New York Business Corporate Tax, New York Personal Income Tax, New York Sales Tax Rates

What is the New York corporate net income tax rate?

7.1% . There is a minimum tax of $100-$1500 depending on your county and assets.

What are the New York personal net income tax rates?

0-8,000 4%
8,000-11,000 4.5%
11,000-13,000 5.25%
13,000-20,000 5.9%
20,000-200,000 6.85%
200,000-500,000 7.85%
500,000 + 8.97%

There are also a lot of local income taxes with an average rate of 1.17%.

What is the average New York sales tax rate?

8.3%. The state has a 4% tax, but the average local tax is 4.3% making a total of 8.3%.

Are there standard deductions?

Single:  $7,500
Joint:  $15,000

Are there personal exemptions?

Single:  none
Dependants:  $1000

What forms do you file for your New York taxes?

C corporations:   Form CT-3
S corporations:  CT-3-S
Partnerships:  Form IT-204.1
Individual:  Form IT-201, IT-203 for non-resident

Estimated tax payments?

Form IT-2105. New York follows the IRS standards for estimated payments. If you will owe $300 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won’t make as much in the current year.

What is the penalty if you don’t file your New York business state taxes?

If you fail to file required franchise tax returns or pay the franchise taxes, the New York Department of State may dissolve your company by proclamation, if recommended by the New York State Tax Department. Once dissolved, a company loses the benefits of incorporation/organization and may no longer legally use its company name. Taxes, penalties, and interest continue to accrue, and any assets remain subject to liens for unpaid taxes.

As long as a company exists it must file an annual return and pay the minimum tax. Only if a company requests to be dissolved voluntarily, will its obligation to pay future taxes and fees end.

New York Department of Revenue:

New York State Department of Taxation & Finance
One Commerce Plaza
99 Washington Ave. Suite 600
Albany , NY 12231-0001
Telephone: 518-473-2492
Fax: 518-474-1418
Website: New York Department of Taxation and Finance

If you use Northwest Registered Agent you can incorporate new New York for only $100.

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