Tax Tips for New York State and New York City Freelancers and Self ... 2025

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The document is a General Corporation Tax Return form (NYC-3L) for the calendar year 2013, issued by the New York City Department of Finance. It includes sections for reporting corporate income, deductions, and tax computations, as well as schedules for detailing subsidiary capital, investment capital, and business allocation. The form requires information on the corporation's financial activities within and outside New York City, along with instructions for filing and payment.

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Click ‘Get Form’ to open the Tax Tips document in our editor.
Begin by entering your corporation's name and Employer Identification Number (EIN) at the top of the form. Ensure that all information is accurate to avoid processing delays.
Fill out your business address, including city, state, and zip code. This information is crucial for tax identification purposes.
Proceed to Schedule A, where you will compute your tax. Follow the instructions carefully, transferring applicable amounts from other schedules as needed.
Complete Schedule B by detailing your entire net income. Be sure to include all necessary deductions and adjustments as outlined in the instructions.
Review each section thoroughly before submitting. Utilize our platform’s features to save your progress and make edits as needed.

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Does NY allow self-employment tax deduction?

Understanding Self-Employment Taxes This means you pay the full 15.3% tax rate, unlike traditional employees who only pay half, with their employer covering the other half. However, you can deduct the employer-equivalent portion of your self-employment tax when calculating your adjusted gross income.

Do you have to pay both city and state taxes when you live in NY?

As a resident, you pay state tax (and city tax if a New York City or Yonkers resident) on all your income no matter where it is earned.

How much tax do freelancers pay in NYC?

The self-employment tax rate in 2024 is 15.3%. This rate is divided into two parts with 12.4% going toward Social Security and 2.9% being paid toward Medicare. The first $168,600 of net earnings, wages, and tips are subject to the Social Security tax while all earnings must be subjected to the Medicare tax.

Can self-employment taxes be deducted?

More good news. You can claim 50% of what you pay in self-employment tax as an income tax deduction. For example, a $1,000 self-employment tax payment reduces taxable income by $500. In the 25 percent tax bracket, that saves you $125 in income taxes.

How to avoid paying NYC income tax?

How to Avoid NYC Tax? If individuals are employed by an NYC-based company but perform their work outside the city, they generally do not owe NYC income tax. In the case of working in NYC for a docHub portion of the year, individuals might be subject to New York State income tax on those earnings.

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How does the new $6000 tax deduction work?

The $6,000 senior deduction is per eligible individual (or $12,000 total for a married couple where both spouses qualify). Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).