IFTA not good for NY?

Discussion in 'Ask An Owner Operator' started by Mattflat362, Apr 30, 2016.

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  1. Apr 30, 2016 #31
    Mattflat362

    Mattflat362 Road Train Member

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    What is this?
     
    Mattflat362, Apr 30, 2016
    Mattflat362, Apr 30, 2016
    #31
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  3. Apr 30, 2016 #32
    fortycalglock

    fortycalglock Road Train Member

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    There are plenty of sources so you don't have to learn the hard way, if you choose to use them.
     
    fortycalglock, Apr 30, 2016
    fortycalglock, Apr 30, 2016
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  4. Apr 30, 2016 #33
    Mattflat362

    Mattflat362 Road Train Member

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    Oh believe me I read myself to sleep many nights getting this far. Just no memory of any NY sticker anywhere.

    I knew about KY and I know I don't need it.

    What is the NJ corp tax?
     
    Mattflat362, Apr 30, 2016
    Mattflat362, Apr 30, 2016
    #33
  5. Apr 30, 2016 #34
    fortycalglock

    fortycalglock Road Train Member

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    Are you a Corp or LLC that delivers or picks up in NJ at least once per year. If so, you need to register with NJ and pay their annual corporate tax. The minimum amount is around $500. If caught, your vehicle will be impounded until you go straightening out in Trenton, including previous years and the fines and interest associated with them. All of these issues you are ignorant on are addressed by OOIDA in their getting started info. It's also out there in other formats as well.
     
    fortycalglock, Apr 30, 2016
    fortycalglock, Apr 30, 2016
    #34
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  7. Apr 30, 2016 #35
    Mattflat362

    Mattflat362 Road Train Member

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    LOL no more NJ either. Thanks for the info.

    I had only delivered their once or twice anyway.

    I don't need them at all in any way....or NY. Leaves more for the rest of you that want it.
     
    Mattflat362, Apr 30, 2016
    Mattflat362, Apr 30, 2016
    #35
  8. Apr 30, 2016 #36
    Mattflat362

    Mattflat362 Road Train Member

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    Nope I'm good for NJ...

    "Owner-operator accountant Kevin Rutherford of The Alliance advises owner-operators interested in incorporation to establish a limited liability company instead. “In New Jersey’s case, they don’t enforce the tax on an LLC,” he says. Under an LLC, the owner chooses which entity to be taxed as, such as a partnership or sole proprietor."

    http://www.overdriveonline.com/be-ready-for-special-tax-in-nj/
     
    Mattflat362, Apr 30, 2016
    Mattflat362, Apr 30, 2016
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  9. Apr 30, 2016 #37
    Mattflat362

    Mattflat362 Road Train Member

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    Mattflat362, Apr 30, 2016
    Mattflat362, Apr 30, 2016
    #37
  10. Apr 30, 2016 #38
    fortycalglock

    fortycalglock Road Train Member

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    fortycalglock, Apr 30, 2016
    fortycalglock, Apr 30, 2016
    #38
    rank, Bean Jr. and Ruthless Thank this.
  11. Apr 30, 2016 #39
    77fib77

    77fib77 Road Train Member

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    Wait, if you don't incorporate? Do you still have to pay?
     
    77fib77, Apr 30, 2016
    77fib77, Apr 30, 2016
    #39
  12. Apr 30, 2016 #40
    fortycalglock

    fortycalglock Road Train Member

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    NJ tax? No sole proprietors are exempt.
     
    fortycalglock, Apr 30, 2016
    fortycalglock, Apr 30, 2016
    #40
    77fib77 Thanks this.
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