Do I need to file New York State taxes if I’m self-employed?

by Ricklef Wohlers. 2024/09/20.

If you are self-employed and operating within New York State, you are generally required to file state taxes if your income meets or exceeds the state's minimum thresholds. As of recent guidelines, if you are a single filer under the age of 65 with a gross income of $8,000 or more, you need to file a New York State tax return. These thresholds might be different if you have dependents or if you're married, so it's vital to check the specific criteria that apply to your situation.

Self-employed individuals must report income, expenses, and other relevant financial information to determine their net earnings from self-employment. This includes filing a New York State income tax return (Form IT-201 or IT-203) alongside the federal Schedule C for business income. Keep in mind that failure to file or underreporting income can result in penalties, interest on unpaid tax, and potential legal repercussions. Always consult a tax professional or use reliable tax software to ensure compliance with New York State tax laws.