Unincorporated Business Tax Nyc
March 4th, 2007
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Question: Do I have to pay unincorporated Business Tax?
I live in NYC, my friend who also is a freelancer and works from home , he said he never paid this tax before.
However, my acct’t filed this tax and it’s like 4% of my income which is a lot considering I’m already paying over 30% in federal and state. Please HELP!
Answer: You would need to file a NYC UBT tax return if your business meets either of the following criteria:
It has a total gross income of more than $75,000, prior to any deduction for the cost of goods sold or services performed; or
It has an unincorporated business taxable income of more than $35,000
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