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New York City Business Tax Questions Answered by a Tax Specialist

Here are many of the most frequently asked questions we get from New York City businesses. From reducing taxes, details on tax rates specific to the New York City area, or relocating your business out of state, we’ve covered a lot of the critical information you’ll need to know.

How Can New York City Business Owners Reduce Taxes?

If you’re looking to reduce your income taxes in New York City, there are many different ways to do that. It is important that you get in contact with an accountant who is able to guide you through the tax planning process and confirm your books and records are in order.


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Which is the best retirement account for New York business owners- SEP IRA, ROTH IRA, or Simple IRA

Deciding on the best retirement account for business owners is a case-by-case situation because it depends on a lot of factors. Discovering these factors is key for a New York business owner to decide the best retirement account for them.


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How are NYC business LLCs taxed?

If you’re a single-member LLC, you are taxed the same way as any other LLC. The only difference is that, in New York state, you have a $25 filing fee that you must pay yearly.


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How much do small businesses pay in tax in NYC?

In New York City, income tax rates are between 3-4%. This means if you are operating a business and living in New York City, you are paying an extra 3-4%.


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What is the NYC Corporate Tax Rate?

Regardless of how much they make, any corporation doing business in New York City has to pay 8.85% corporate taxes.


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Does New York State have a Minimum Corporate Tax Rate?

By being a corporation in New York state, you have to factor in the state’s extra taxes as opposed to other jurisdictions.


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Who Must File NYC Unincorporated Business Tax

The whole point of Unincorporated Business Tax (or UBT) is if your business is not set up as a corporation, the city still wants some of the money you’re making. It is important to know what business formations must file for UBT in case yours applies.


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Can I move my LLC from New York to another state or Puerto Rico?

You are allowed to move your LLC or business wherever you’d like, but you want to make sure that you are in contact with the right accountants and lawyers to guide you.


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What are the steps to move my business from New York City to another state or Puerto Rico?

When moving your business, there are many steps involved. Make sure you have the right guidance and the proper steps completed before moving your business.


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When do I need to pay NYC business tax?

When moving your business, there are many steps involved. Make sure you have the right guidance and the proper steps completed before moving your business.


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What is the NYC business tax exemption? (UBT)?

Discover the NYC business tax exemptions for corporations and businesses in this video.


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How to Hire a Tax Advisor for Your NYC Small Business

When choosing a tax advisor, you want to take your time and find a team or firm that is right for you. You need somebody who understands your industry and your geographic region very well.


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