If you are filing your New York business taxes for the first time this year, you might need a little help. New York is a great place to do business, but the state has tax laws that may be confusing upon your first look.
Your New York business taxes will largely depend on what type of business you run and what your business’s gross income is for your tax year.
Keep reading, and we’ll give you a quick guide to filing business taxes in New York state, as well as some secondary resources you can check out for more help.
Get the Right Forms
The tax forms you will need to fill out depending on what type of business you are registered as. You should be able to find that information on your New York business license.
Sole proprietors, partnerships, LLCs, C corporations, and S corporations all fall under different tax regulations. Make sure you get the corresponding forms depending on which type of business you run.
For more information about New York tax laws by business type, click here.
Keep Tidy Records
Most of your vital tax information will be based on how much gross income your business made in the year you are filing for. If you do not keep your receipts in order, you will not be able to present this information accurately.
For example, you will probably have to pay a filing fee to the state of New York. The size of your filing fee will depend on both what kind of entity you are, and your gross income that year.
You will also have to pay a special tax on the amount of income that you made just from doing business in New York (from sales tax), so you will need to have that information on hand as well.
Know Your Online Filing Regulations
Some types of business entities in New York are required to electronically file their taxes. If you fail to do so, you may have to pay penalties on each document that you filed incorrectly.
You must also make sure that you use electronic filing software that is approved by the state of New York.
Be sure to also keep a careful eye on your deadlines. Some corporations have different filing deadlines than individuals, and your deadline may vary depending on the size of your business.
When to Hire a Tax Attorney
If your business taxes get complicated, do not be afraid to hire a tax attorney. It is better to protect yourself ahead of time than to try to battle the IRS alone.
If there is any kind of issue with your tax filing, or if you would like to dispute any part of your taxes, you should hire a tax attorney.
Your tax attorney can look at your tax documents, receipts, payroll records, and invoices, and help you decode your tax payments. It is a good idea to hire a tax attorney when you open your business if you can.
File Your New York Business Taxes Easily
Now that you have an introduction to filing your New York business taxes, you can get started on the preparation for next year. A good business plan always includes tidy records and forms.
If you run into trouble with your taxes, you can always reach out for professional help.
For more business and commerce tips, check out the rest of our blog!