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ADDENDUM TO INSTRUCTIONS TO FORMS NYC-204 1996

ADDENDUM TO INSTRUCTIONS TO FORMS NYC-204 1996-2025

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The document outlines changes to the New York City General Corporation Tax (GCT) effective from 1996, specifically affecting unincorporated homeowners associations. It explains that these associations may now be treated as corporations for tax purposes if they are taxable as such under federal law. The document details a one-time election allowing these associations to continue being subject to the Unincorporated Business Tax (UBT) instead of the GCT, along with implications for tax liabilities and necessary filings. It also addresses common questions regarding tax obligations and exemptions.

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How to avoid UBT in NYC?

Here are some ways you can potentially avoid or lower the UBT: Incorporate Your Business. Restructure Your LLC. Establish a Business Outside of NYC. Claim Exemptions for Certain Types of Income. Utilize Business Deductions and Credits. Take Advantage of Small Business Exemptions. Conclusion.

Who is required to file a NYC UBT return?

If you operate a business as a sole proprietor in New York City, you are subject to the UBT. This tax applies to individuals who are self-employed and generate income from business activities within the city. Sole proprietors must file and pay the UBT based on their business income.

How to avoid NYC property tax?

The City of New York offers tax break down known as exemptions to seniors, veterans, clergy members, people with disabilities, and others. Please visit the Property Tax Benefits page for the most up-to-date information about property tax exemptions.

Who is exempt from UBT in NYC?

Exemptions from the UBT Certain businesses may be exempt from paying the UBT. These exemptions include: Personal services businesses: Businesses that provide personal services like medical, legal, accounting, and other professional services may not be subject to the UBT if they meet specific criteria.

Do I need to file NYC 204?

Any partnership that carries on or liquidates any trade, business, profession or occupation wholly or partly within New York City and has a total gross income from all business regardless of where carried on of more than $25,000 (prior to any deduction for cost of goods sold or services performed) must file an

How to avoid NYC city tax?

Below are several methods to help reduce your tax burden, from residency considerations to income and deductions. Establish Residency Outside of NYC. Work Outside of NYC. Claim Nonresident Status if Eligible. Take Advantage of Tax Credits and Deductions. Move to a State Without Income Tax.

Who must file NYC 4S?

FILE FORM NYC-4S Corporations (as defined in Section 11- 602.1 of the New York City Administra- tive Code) doing business, employing capital, or owning or leasing property in a corporate or organized capacity, or main- taining an office in New York City must file a General Corporation Tax return.

Who needs to file a NYC UBT return?

Unincorporated business tax (UBT) A person who is performing services as an employee. A person or entity, other than a dealer, who is only engaged in the purchase, holding, and sale of property for their own personal account (for example, a person who owns and rents a two-family house)

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