Business Tax Filing: Processes And Rules

Business tax filing is something all businesses have to do. Business tax is imposed on all individuals and unincorporated entities that carry a trade, business or profession in a city. When you refer to unincorporated business, it refers to trades, professions, businesses and occupations that are conducted or engaged or is in the process of being liquidated by individuals, partnerships, fiduciary, association, estate, trust or limited liability company.

In case of an individual who carries out two or more unincorporated businesses, these businesses are considered as a single business in business tax filing. There are different criteria that have to be met during your business tax filing. A business in New York having a total gross income of more than $25,000 for partnerships and more than $75,000 for unincorporated business, prior to any deduction for business done in a year has to produce its business tax filing.

Businesses that have an unincorporated business with taxable income of more than $15,000 for partnership business or more than $35,000 for any other form of unincorporated business is liable for business tax filing. If your business is liable for business tax filing, and follows a calendar year accounting period, you have to file your business file by April 15th of the following year.

However the unincorporated businesses that use fiscal year method have to file their returns by the 15th day of the fourth month after the end of their fiscal year. If you estimate a tax liability of more than $1,800 with your business tax filing, you have to file NYC-5UBTI. And if you have a partnership business, you have to use form NYC-5UB. This estimated tax has to be paid with the Declaration or in four quarterly installments.

Today it is possible to file your business taxes electronically, which is very fast. You can also pay your business taxes by direct debit through electronic filing. You have varied choices for business tax filing and reports online. You can choose between bFile, Tax preparer, pay by direct debit and pay by credit card.

If you need help with business tax filing, you may have to hire the services of a tax professional. Though these tax professionals will be able to provide you with advice and means of saving on tax, you will have to pay them a fee for their services rendered. So hire them only if and when you negotiate all your fees and terms and conditions of their service.

Useful Tax Resources