Frequently Asked Questions & Resources

 
 

What you’ll find on this page

  • COVID-19 SBA RESOURCES (CLICK HERE)

  • Answers to commonly asked tax questions

  • How to choose a type of business entity

  • Quick links to Important Forms (W-4, W-9, NYS Sales Tax Web File, 1040-ES [for estimated taxes])

  • Marketing & PR Resources

COMMONLY ASKED TAX QUESTIONS

 

What is estimated tax payments, and when do I need to make them?

Estimated tax is a way of paying tax on income (that doesn't include withholding tax). It's sort of like a "pay as you go" system where self-employed, sole proprietorship business owners, Partners, Corporations, S Corporation Shareholders and/or people who owe taxes from the year before are required to pay these taxes throughout the year. The IRS Form 1040-ES (Estimated Tax For Individuals) helps to calculate approximately what this is. If you overpay, then you will receive a tax refund and if you underpay, you'll owe taxes to the IRS. Estimated tax is done quarterly throughout the year:

What taxes am i obligated to make for me and my small business

All of that depends on what type of structure of business you have. It may include some or all of the following types of taxes: income tax, estimated tax, self-employment tax, employment taxes, excise taxes. 

To learn more, go to the Business Taxes section of the IRS website (click here). 

What are tax exempt and taxable items for the state of NY?

Below is a link  describing the Lists of Exempt and Taxable Clothing, Footwear, and Items Used to Make or Repair Exempt Clothing. 

Click here to learn more.

What is a certificate of authority and how can i register for it?

A Certificate of Authority is mandatory if your business is in the State of New York, and you collect sales tax or want to buy at wholesale.  To register, click the link below:

To learn more and register for a Certificate of Authority in New York State, CLICK HERE

Beauty Salons & Barber Shops in NEW JERSEY: Sales Tax or Not?

 There can be some confusion as to what is supposed to be taxed and what is not. 

To learn about what is and what is not taxed at a beauty salon or barber shop, CLICK HERE.

Multi-State Income Taxes: Have an employee who lives in one state and works in another?

Click here to learn more about those laws & regulations.

What are the Sales Tax Rates By Local Taxing Jurisdiction for Current Periods in NEW YORK?

Find out what your local tax rates are for New York State by CLICKING HERE.

Choosing the Right Business Structure

How do I choose the right entity structure for my business?

What you choose as the structure for your company affects the amount of paperwork your business is required to do, the personal liability you face, how much you pay in taxes and your ability to borrow money.  Forming your business is controlled through the legal system of your state where your business is organized. The most common forms of business are: 

  • Sole Proprietorship

  • Partnerships

  • Corporations

  • Limited Liability Companies (LLC)

Click here to learn more about the different types of business structures and what may be best for you and your business.

Quick Links

What forms are required for Vendors and what forms are required for New Employee Hire?

W-9 Forms are required for vendors & W-4 Forms are required for New Employee Hire. 

Click here for the W-9 Form.
Click here for the W-4 Form.

Where and how do I file for NYC Sales Tax?

You can file your NYS sales tax by creating an account with the NYS Sales Tax Web File. The link will give you a step by step on how to set your profile up and how to do that. 

Click here to file your NYS Sales Tax.

Where do I make estimated tax payments?

Click on the links below to learn about federal & state estimated payments, how to do it, and who is required to do it by each of the states listed below:

IRS
New York State
California
New Jersey

Marketing & PR Resources

General Information on Small Business PR

How Much Should You Spend on PR? (from LinkdIn)

PR Spend: What's a Good Rule of Thumb? (from PR Toolkit)

Return On Investment (ROI) & Public Relations Links

How to Measure ROI for Public Relations (from TrendKite)

PR Trends That Will Help You Dominate 2017 (from Forbes)

 

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