Common questions about tax preparation, planning, and our services
What are the current New York State income tax rates for individuals filing in 2026?
For the 2025 tax year (filed in 2026), New York State’s individual income tax rates range from 4% to 10.96%, depending on your taxable income and filing status. High-income earners in NYC also face an additional local income tax. These rates are subject to legislative changes, so consulting a professional ensures accuracy.
As a small business owner in New York City, what local business taxes beyond state income tax do I need to be aware of for the 2026 tax year?
New York City businesses may be subject to the General Corporation Tax (GCT) or the Unincorporated Business Tax (UBT), depending on their structure. The UBT, for instance, applies to most self-employed individuals and partnerships operating within the five boroughs. Understanding which applies to you is crucial for compliance.
When is the deadline to file my 2025 New York State income tax return and pay any taxes due in 2026?
The primary deadline for filing your 2025 New York State income tax return and paying any associated taxes is typically April 15, 2026. If April 15th falls on a weekend or holiday, the deadline shifts to the next business day. Extensions are available but do not extend the payment deadline.
Can I deduct my MTA commuter expenses or NYC property taxes on my New York State income tax return for 2025?
While you cannot directly deduct MTA commuter expenses on your New York State income tax return, you can deduct real estate taxes paid on your primary residence as an itemized deduction. However, the federal SALT cap of $10,000 often limits the full benefit of this deduction for many New Yorkers. Keep detailed records of all eligible expenses.
I'm a freelance artist in Brooklyn; what specific self-employment tax considerations should I be aware of for New York in 2026?
As a freelance artist, you’ll owe both federal self-employment taxes and New York State income tax on your net earnings. Additionally, if your net earnings from self-employment exceed a certain threshold, you’ll be subject to New York City’s Unincorporated Business Tax (UBT). Quarterly estimated tax payments are typically required to avoid penalties.
How does New York State tax retirement income, such as pensions and 401(k) distributions, for those filing in 2026?
New York State generally exempts certain pension and annuity income up to $20,000 per taxpayer for those aged 59 1/2 or older. Distributions from 401(k)s and IRAs are typically taxable, unless they fall under specific exclusions or are part of the pension exemption. Proper planning can help minimize your tax liability.
Are there any specific tax credits or deductions available in New York for individuals working in the technology or film industries for the 2025 tax year?
Yes, New York offers various tax incentives aimed at supporting specific industries. The New York State Film Production Tax Credit, for instance, provides significant benefits to qualifying film and television productions. While direct individual credits for tech workers are less common, businesses in these sectors may qualify for substantial corporate credits that indirectly benefit employees through industry growth.
Do NYC residents pay both state and city income tax?
Yes — NYC residents pay both.
Do non-residents who work in NYC owe NYC tax?
Yes — NYC taxes income earned within city limits.
Does New York enforce residency audits?
More than any other state in the U.S.
Do you help with NY/NJ/CT multi-state returns?
Absolutely — we specialize in these cases.
Can you help if I moved to Florida or Texas?
Yes — we handle domicile changes and exit strategy.
What if I have rental properties in NY?
We optimize depreciation, expenses, and compliance for co-ops, condos, homes, and multi-units.