Unincorporated Business Tax

March 10th, 2008 Nichelle

Yes, there’s another tax that your have to look out for in New York City, the Unincorporated Business Tax.

Filing Information
A New York City return must be filed by an unincorporated business if it meets either of the following criteria:

  • It has a total gross income of more than $25,000 for a partnership or more than $75,000 for any other type of unincorporated business, prior to any deduction for the cost of goods sold or services performed; or
  • It has an unincorporated business taxable income of more than $15,000 for a partnership or more than $35,000 for any other type of unincorporated business.

Filing Deadlines
Unincorporated businesses that use a calendar year accounting period must file their UBT return by April 15th of the following year.

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  • Rich Hunter

    Can a partner of an LLP who is not a resident of NYC, deduct his parnter’s share of the LLP’s unincorporated business tax as a tax paid, like state and property tax on Schedule A itemized deductions for federal income tax purposes?

  • http://tax-relief-attorneys.blogspot.com/ Tax Relief Attorney

    Thank you very much I appreciate your help That is very kind of you website

  • http://www.mangolanguages.com/ Yetta Brochet

    Thank you very much for posting a lot of this great information! Looking forward to reading more posts!