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New York O/O help on taxes please

Discussion in 'Ask An Owner Operator' started by Jeck, Jul 10, 2018.

  1. Jul 10, 2018 #1
    Jeck

    Jeck Light Load Member

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    i have a friend that says the taxes in New York for owner ops is 60%. Is there any help with that. Why does New York have so high taxes on everything. I feel sorry for people who can’t move to a less taxable state. Any idea guys what can he do like put his residence in another state or something else? Drive safe brothers
     
    Jeck, Jul 10, 2018
    Jeck, Jul 10, 2018
    #1
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  3. Jul 10, 2018 #2
    SteveScott

    SteveScott Road Train Member

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    No, that's not true. The small business tax rate in New York is 7.1%. If you're a sole proprietorship your federal tax rate is 13.3% and if you're an LLC or S Corp your federal tax rate is as much as 26%. So the most you could pay is 32% combined state and federal tax. Remember that's just on profits after all business deductions of which there are many.
     
    SteveScott, Jul 10, 2018
    SteveScott, Jul 10, 2018
    #2
  4. Jul 10, 2018 #3
    Ridgeline

    Ridgeline Road Train Member

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    Have him come here to ask.
     
    Ridgeline, Jul 10, 2018
    Ridgeline, Jul 10, 2018
    #3
  5. Jul 10, 2018 #4
    Buckeye 60

    Buckeye 60 Road Train Member

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    the a
    that's called voting Democrat every year and that what's happens
     
    Buckeye 60, Jul 10, 2018
    Buckeye 60, Jul 10, 2018
    #4
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