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This document provides instructions for filing the New York S Corporation Franchise Tax Return and its attachments, including information about tax calculations, penalties, filing requirements, and

How to fill out ct-3-s4-s-i - nysscpa

How to fill out CT-3-S/4-S-I

1. Obtain the CT-3-S/4-S-I form from the New York State Department of Taxation and Finance website.
2. Provide your business's name, address, and Employer Identification Number (EIN) at the top of the form.
3. Complete the income section by reporting your gross receipts and any other sources of income.
4. Fill out the expense section, listing all deductible expenses related to your business operations.
5. Calculate the net income or loss by subtracting total expenses from total income.
6. Enter any applicable tax credits that your business qualifies for on the form.
7. Review all the provided information for accuracy and completeness.
8. Sign and date the form before submitting it, ensuring it is filed by the due date.

Who needs CT-3-S/4-S-I?

1. Businesses that are classified as S corporations and filing their New York State tax returns.
2. Corporations that are seeking to claim special deductions or credits associated with their S corporation status.

People Also Ask about

What is tax form CT-3?

Corporate tax filing requirements All New York C corporations subject to tax under Tax Law Article 9-A must file using the following returns, as applicable: Form CT-3, General Business Corporation Franchise Tax Return.

How much tax will I pay on a S corp?

What is the tax rate for S corporations? The annual tax for S corporations is the greater of 1.5% of the corporation's net income or $800. Note: As of January 1, 2000, newly incorporated or qualified corporations are exempt from the annual minimum franchise tax for their first year of business. (See below.)

How much is the S corp fee in NY?

New York receipts of:Fixed dollar minimum tax equals: Not more than $100,000 $25 More than $100,000 but not over $250,000 $50 More than $250,000 but not over $500,000 $175 More than $500,000 but not over $1,000,000 $3003 more rows • Feb 12, 2025

How are S Corps taxed in New York?

S-Corps 101 For example, all income in an S-corp is passed through to any shareholders and taxed at their individual tax rates. An S-corp's income is taxable for the shareholders when it is earned — whether or not the corporation distributes the income.

How is an S Corp taxed in NY?

S-Corps 101 For example, all income in an S-corp is passed through to any shareholders and taxed at their individual tax rates. An S-corp's income is taxable for the shareholders when it is earned — whether or not the corporation distributes the income.

Are you double taxed as an S corp?

Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

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What is CT-3-S/4-S-I?

CT-3-S/4-S-I is a New York State tax form used by S corporations and certain other partnerships to report their income, gains, losses, and other tax-related information.

Who is required to file CT-3-S/4-S-I?

S corporations that are doing business in New York or have income derived from New York sources are required to file CT-3-S/4-S-I.

How to fill out CT-3-S/4-S-I?

To fill out CT-3-S/4-S-I, you will need to provide information about your business, including gross income, deductions, and credits, as well as details regarding shareholders and their distributions.

What is the purpose of CT-3-S/4-S-I?

The purpose of CT-3-S/4-S-I is to determine the corporation's tax liability in New York State and to report the income and tax allocation to shareholders.

What information must be reported on CT-3-S/4-S-I?

CT-3-S/4-S-I requires reporting information such as total income, deductions, credits, shareholder details, and other pertinent financial information related to the S corporation.