Taxes can be a complicated subject and a worrying part of any New York business’s financial procedure. It’s important to make sure your payments are made on time and accurately each and every quarter. If you’re not sure where to start when it comes to taxes, or you’re looking for practical advice and reliable counsel with an understanding of your local regulations, the UpCounsel attorney network is there to help.

The best way to ensure your business and your taxes stay on track is to firstly understand exactly when quarterly taxes are due in New York. The following guide to filing taxes in New York State should provide you with a comprehensive breakdown on the system and any deadlines relevant to your business.

When are Quarterly Taxes Due in New York?

In New York, quarterly taxes are due on the 15th of the fourth, sixth and ninth month in the fiscal year, as well as the final 15th day of the 12th month. This means for 2020, taxes must be filed on the following dates:

June 15th

September 15th

December 15th

Any quarterly taxes not paid before the filing date are subject to interest and late filing and/or late payment penalties. Day of the week filing dates can be found on the taxes website and should be checked to make sure payments are not late if the due date falls on a weekend or federal holiday.

Types of Business Tax in New York

Businesses in New York can be subject to tax in several ways. Different businesses have varying responsibilities and tax dues, although all businesses will have to account for estimated taxes and regular filings.

The New York form IT-2105 is the form that is generally used to determine estimated tax due. This form calculates how much will be owed across all categories including:

Personal Income Tax

Corporate Franchise Tax

Unincorporated Business Tax

Employer’s Withholding Tax

Personal Income Tax

Business owners are liable for New York state income tax on their business’s earnings. Any entity that has income gained or derived from activity in New York must file a return and pay taxes as soon as possible.

Corporate Franchise Tax

Businesses registered and based in New York must pay annual franchise taxes. This tax is based on all levels of business capital. A 10-K minimum franchise tax applies but payments may be higher depending on the worth of the business.

Unincorporated Business Tax

New York businesses with an annual value of more than $100,000 are liable for unincorporated business tax. This tax covers at least 2.5% of the owners’ income and all other profits from any sales, charges, services or activities, and must be paid by the 15th of the fourth month in the fiscal year.

Employer’s Withholding Tax

Businesses in New York are required to withhold tax from their employees’ wages, and then submit this tax to the New York state and Federal governments. The payroll tax rate is as follows:

New York State- 5.67 %

Local Tax- This varies depending on your local area, and can be around 3.4% in New York City.

Deductibles

Businesses may be eligible for certain deductions to lower their taxable income, such as advertising, rent, equipment or software purchases, for example. While it’s legally possible for your business to file and pay taxes yourself, the best way to make sure you pay what’s due correctly, and benefit from the maximum possible deductions, is to seek out legal counsel with in-depth knowledge of the New York taxation system.

At UpCounsel, we understand the important job of filing and paying taxes, and supply you with experienced and reliable business lawyers to help make the task simpler with their practical advice and understanding of New York regulations. Our access to high quality attorneys is available on demand, and covers any business size- from small companies to Fortune 1000 firms. The profiles of the attorneys in our online community display the client ratings and reviews of all their recent work, and you can trust UpCounsel to keep your taxes as accurate and on-time as possible.

Topics:

Quarterly Taxes,

Taxes in New York,

Business Lawyers