Get the free CT-3-S/4-S-I - tax ny

This document provides instructions for New York S Corporation Franchise Tax Returns and Attachment, detailing guidelines for filing, reporting periods, penalties, and various forms required for compliance.

How to fill out ct-3-s4-s-i - tax ny

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. Fill out the identification section with your business name, address, and employer identification number (EIN).
3. Complete the income section by reporting all sources of income, including gross receipts and any other income as required.
4. Fill in any deductions applicable to your business, such as costs of goods sold, operational expenses, and other deductions specific to the entity type.
5. Calculate the tax due based on the income and claimed deductions, following the instructions provided in the form.
6. Double-check all entries for accuracy and completeness before signing and dating the form.
7. Submit the completed form by mail to the address specified by the New York State Department of Taxation and Finance or electronically if allowed.

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

1. Businesses operating in New York State that are treated as S corporations for tax purposes.
2. Tax professionals who assist clients in filing New York State taxes for S corporations.
3. Any business entity designated as an S corporation seeking to report income and pay taxes in New York.

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.

For pdfFiller’s FAQs

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

CT-3-S/4-S-I is a form used by certain S corporations and partnerships to report income, deductions, and tax credits to the state of New York. It is filed by organizations that elect to be treated as S corporations for tax purposes.

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

S corporations and certain partnerships that are doing business in New York state and wish to elect S corporation status 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, taxpayers must provide their identification information, report their income and deductions accurately, and complete the relevant sections detailing credits and other tax-related data as required by the form instructions.

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

The purpose of CT-3-S/4-S-I is to enable qualifying corporations and partnerships to report their tax liabilities and ensure compliance with state tax laws, along with claiming allowable deductions and credits.

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

The information that must be reported includes the corporation's income, deductions, tax credits, shareholder information, and any additional relevant financial data required by the state of New York for tax assessment purposes.