Have you been considering setting up a new small business in the state of New York? Many people are afraid that the financial side of things may be too much to handle. Questions arise, like how to get a tax number, how to keep records, and how to charge and remit the sales tax. If you’re thinking of owning a small business, you have to make it your concern to know about all these things. They’re really not so complicated, but the state does expect you to know the laws, and to find out about changes to the laws on your own. So today I’d like to touch on a few main points about New York small business tax laws.

First, if you are in any sort of business that sells retail goods, you have to collect sales tax. If the property (or the service) is delivered to a consumer in the state of New York, you simply compute the combined state and local tax rate in effect where you deliver the goods (Not at your place of business). When people purchase goods outside New York state, the tax applies from the jurisdiction of residence.

The tax rate for the state of New York is 4 percent, but the counties can add another amount to that. So I was looking at the tax rate chart for the whole state, and it looks like taxes vary from 4 up to as much as 9 percent, depending on where you live. As a business owner, you collect the tax and remit it to the state on a quarterly basis.

Also, for New York small businesses you may have a tax number through the revenue department, or you may use your federal EIN. But you definitely will need to have your state NAICS code. That is a number that is not assigned to you, but you find it on the state’s list of codes. It is based on the primary activity of your business. This number has to be written on any tax related documents that you turn in for your business.

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This entry was posted on Tuesday, December 5th, 2006 at 4:15 pm and is filed under Small Business Tax Laws, Tax Laws. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.