1) Federal Income Taxes - Annually, based on Net Income (Revenues minus Expenses)

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• C-Corporation: IRS Form 1120

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• S-Corporation: IRS Form 1120S

 

• LLC: Form 1065 (if more than one "member", i.e. owner)

 

• Single Member LLCs and Sole Proprietorships: Schedule C

 

• 1a) NYS Income Taxes - Usually Annually, if applicable. Filings based on Federal tax information

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2) Employment Taxes - Payments to employees and Independent contractors.

 

• Totals for the year - Employees: W2

 

• Totals for the year - Independent Contractors: Form 1099

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• NYS-45 Quarterly Reporting: Each calendar quarter, New York State requires liable employers to report their payroll and pay unemployment insurance contributions.

 

3) Federal Estimated Taxes - Usually quarterly, based on Net Income. Penalties may apply for underpayment.

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• 3a) NYS Estimated Taxes - Quarterly in the beginning. Penalties may apply if not filed, even for zero sales. 

 

4) NYS Sales Taxes - Quarterly in the beginning. Penalized if not filed, even for zeros sales

 

5) Self-Employment Tax - Consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.

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Check out the IRS small business tax page for more detail. You can also contact the New York State Society of CPAs for information on NYS Accountants.