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Bronx New York online Form 668-B: What You Should Know

If you are in NY City, call for tax forms and information about tax credits for residents including the free Business Income Tax Exemption. Business Tax Refunds for Residents If you are an individual, and you are in NY City, call for tax forms and information about tax credits for residents including the Free Business Income Tax Exemption. Filing Status and Filing Deadline If any of your dependents are New York State residents, you need to complete your individual Federal Income Tax return regardless of the filing status you claimed or the filing status you chose based on your filing status on your 2024 return. To simplify the process, please submit any tax information through the New York State website: tax. How the IRS Collects NYC Business Income Tax The term “business income tax” is generally defined under IRC Section 6213(a)(1). The definition is: “business income is any net income (earned or received) from the conduct of a business (such as, for example, property, gain, profit, or rent) including any income derived from the carrying on by an individual or from the disposition of such property.” This includes:  • Interest; • Royalties; • Income from trading; • Personal service income including self-employment and the self-employment of a family member or a person associated with you; Tax Rates The NYS IRS tax rates for New York City businesses and individuals are as follows. For information regarding the rate, you should consult the following website: tax.

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