|
Posted by 0b3hks001 on February 27, 2007, 3:17 pm
Please log in for more thread options
Would appreciate if someone would tell me what are the
minimum taxes for various forms of [small] business entities
in NYC: LLC, C-Corp, S-Corp, Partnerships, etc.
I saw memtion of Serial LLC. Does that form apply in NYC?
TIA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Victor Roberts on March 1, 2007, 7:06 am
Please log in for more thread options
b3hks001@sneakemail.com wrote:
> Would appreciate if someone would tell me what are the
> minimum taxes for various forms of [small] business entities
> in NYC: LLC, C-Corp, S-Corp, Partnerships, etc.
>
> I saw memtion of Serial LLC. Does that form apply in NYC?
I can only answer part of one of your questions.
The minimum NYS income tax for a NY C-Corporation is $100. I
don't know if NYC has an additional minimum tax.
There must be better reasons to choose between the various
small business entities than the minimum tax.
--
Vic Roberts
Replace xxx with vdr in e-mail address.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Shyster1040 on March 1, 2007, 9:08 pm
Please log in for more thread options Solely for NYC:
Aside from the miscellaneous filing and property taxes, the
major NYC business taxes are:
Unincorporated Business Tax - this tax applies to sole
proprietors and all entities that are treated as
partnerships (including an LLC that is treated as a
partnership for federal and state purposes).
The UBT generally passes through to the partners/members of
an entity, who get a credit for the amount paid against
their NYC individual income tax (thus, if a partner/member
is not required to file a separate return for NYC taxes,
there is no credit for the tax - i.e., nonresidents who are
partners in a partnership that conducts business in NYC
don't get a credit for the tax; unless they otherwise can
claim a credit for taxes paid to other states on their own
individual income tax returns for the state they reside in).
Corporation Tax - this tax applies to all corporations,
which includes S-corporations because NYC does not recognize
S-corporations as different from C-corporations.
There are also special tax regimes that apply to banking
corporations, insurance companies, and not-for-profits
(i.e., UBTI-type taxes).
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Which Form to Pay Quarterly Taxes for my Incorp'd Business? | May 8, 2007, 1:12 am |
| Amending 2005 Form 8801 (Credit for Prior Year Minimum Tax) | February 25, 2007, 4:41 am |
| Form an LLC for rental business? | February 27, 2008, 12:25 pm |
| Taxes for my Business, Help! | July 28, 2007, 12:24 am |
| Sale of Business Taxes? | January 25, 2007, 2:43 am |
| Business taxes for an out-of-state LLC ? | August 17, 2007, 12:02 am |
| North Carolina Business Taxes | March 1, 2008, 10:23 am |
| Taxes and internet business: Are payments legal in the US? | May 27, 2008, 12:30 pm |
| Minimum income for NYS filing... | March 17, 2008, 7:56 am |
| Can a CEO elect to have a salary less than the minimum wage? | December 29, 2006, 8:52 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap