Business Owner's Manual

New York City Taxes

The City's Department of Finance provides a useful list outlining the major business and excise taxes (city and state). For more information, download the New York City Tax Guide and other forms via the Brochures and Publications page of their Web site. You can also e-mail the Department of Finance with your questions.

Tax information is available by phone between 9:00 a.m. and 4:30 p.m. Monday through Friday at 718-935-6000. Or call Citytax from a touch-tone phone for recorded messages on common issues. The number is 718-935-6736.

 

Resources

In addition to the NYC Tax Guide, the following publications may be helpful:

• The Retail Business Guide and The Restaurant Business Guide. These publications explain the taxes applicable to these types of businesses. The publications are available from the Department of Business Services at 110 William Street in Manhattan and from Local Development Corporations ("LDCs") in each Borough. Use the Services Directory and look under "Locating and Expanding" to find a LDC near you.
  
  
• The New York City Tax Benefits Guide provides information on tax benefit programs administered by the Department of Finance for emerging businesses. It can be obtained from various LDCs, on the Web, or by calling the Department at 212-669-4855.

 

Important Issues

And don't forget these important issues affecting your City tax bill:

• Unlike the State and Federal governments, New York City taxes S corporations as true corporations, imposing both the corporate tax and a personal income tax on the amount distributed to the owners.
  
  
• New York City partnerships, sole proprietorships, and LLCs (see Structuring a business) are subject to an unincorporated business tax (the "UBT") which, like the corporate income tax, taxes corporate profit both as business income, and again as personal income of the sole proprietor, partners or members.