New York

The state of New York generates income from various types of taxes on businesses and individuals, including sales and use tax, individual and corporate income tax, alcoholic beverage tax, highway use tax, and hazardous waste tax.

New York’s individual income tax rates range from 4% to 6.85%. The highest rate applies to income over $20,000. New York residents report their Income tax on Form IT-150 (Short Form), or Form IT-210 (Long Form), with a due date of April 15.

Since 2001, New York has ranked first or second in terms of having the highest state and local tax burden. With the national average at 11%, the percentage for New York is about 13.7% to 13.8%.

Corporations doing business in New York must file either Form CT-3, the General Business Corporation Franchise Tax Return, or CT-4, the General Business Corporation Franchise Tax Short Form, or Form CT3S for an S Corporation, by March 15, or by the 15th day of the third month after their fiscal year ends.

The general state sales and use tax rate for New York is 4%. A local sales tax is also imposed, ranging from 3% to 5.5%. Localities, such as cities and counties, also impose a variety of other taxes, such as mortgage tax and real property tax.

For general information regarding New York’s taxes, visit the Department of Taxation and Finance website at www.nystax.gov.

If you are looking for a CPA, Accounting Firm, or Financial Advisor to assist you with your New York tax reporting, bookkeeping, or general accounting needs, you have come to the right place! Check out the CPA Search feature on this website.