New York LLC Taxes — Step 9 of 9
The final step: understanding what you'll actually owe. A New York LLC pays federal self-employment and income tax like every LLC, plus New York's state income tax and a separate annual LLC filing fee. We'll break down each piece and give you an estimator to ballpark your total.
Default LLC income generally passes through to owners. Federal income and self-employment taxes and New York income taxes depend on the owner and activity. IT-204-LL applies only when its filing conditions are met: a qualifying disregarded LLC pays $25; an applicable partnership-classified LLC uses the $25–$4,500 schedule. NYC taxes may also apply.
- Federal tax
- Pass-through
- Self-employment
- 15.3%
- NY income tax
- 4%–10.9%
- IT-204-LL fee
- $25–$4,500
- NYC residents
- + city tax
- S-corp election
- Form 2553
- Your progress
- Step 9 of 9 🎉
How New York LLCs Are Taxed
Default federal treatment depends on ownership and activity. An individual-owned single-member LLC generally reports through its owner; a partnership-classified LLC generally files Form 1065. New York owner taxes and any entity filing fee are separate obligations.
Federal income tax
Federal income tax depends on tax classification, the owner’s full return, deductions and credits. An eligible QBI deduction is limited by the applicable rules; it is not automatically 20% of gross business profit.
Self-employment tax
15.3% (12.4% Social Security up to the wage base + 2.9% Medicare) on your active net earnings — this funds Social Security and Medicare.
NY state income tax
New York personal income tax depends on residency, taxable income and the tax-year rules. Use the current IT-2105 instructions for estimates; NYC, Yonkers and other applicable taxes are separate.
IT-204-LL filing fee
IT-204-LL applies conditionally. The fee uses the preceding tax year’s New York-source gross income for partnership-classified LLCs; a qualifying disregarded LLC pays $25.
New York LLC Tax Reserve Planner
Enter expected positive net business profit and a reserve percentage chosen from your own tax plan. This cash-budget planner does not calculate federal or New York income tax, QBI, self-employment tax, IT-204-LL or a required estimated payment.
New York LLC Tax Reserve Planner
Only profit × your chosen percentage. No tax rates or personalized reserve percentage are supplied. Equal four-part amounts are budget allocations, not required quarterly payments. Federal, state, city and entity filing duties must be calculated separately.The IT-204-LL Annual Filing Fee
File and pay by the 15th day of the third month after the tax year closes, moved to the next business day for a weekend or legal holiday. No extension applies. Eligibility depends on any New York-source income, gain, loss or deduction, not positive profit alone. A disregarded LLC pays $25 when that test is met. Partnership-classified LLCs/LLPs required to file a NY partnership return use the table below, based on preceding-year NY-source gross income, including $25 when that prior-year amount is zero. An LLC with no NY-source income, gain, loss or deduction does not file this form; neither does an LLC taxed as a corporation. Regular partnerships have separate $1 million eligibility rules. Current official IT-204-LL instructions.
| NY-source gross income | Fee |
|---|---|
| $0–$100,000 | $25 |
| Over $100,000–$250,000 | $50 |
| Over $250,000–$500,000 | $175 |
| Over $500,000–$1,000,000 | $500 |
| Over $1,000,000–$5,000,000 | $1,500 |
| Over $5,000,000–$25,000,000 | $3,000 |
| Over $25,000,000 | $4,500 |
Can an S-Corp Election Save Money?
An S election requires eligibility, reasonable compensation and payroll compliance; compare all federal and New York consequences and costs. Separately, eligible partnerships (including partnership-taxed LLCs) and New York S corporations can elect NY PTET annually, generally January 1 through March 15, with next-business-day relief. Eligible direct Article 22 owners claim their allocated credit; this is not an automatic LLC exemption. NYS PTET rules.
NYC PTET is a separate election. An eligible city partnership needs at least one city-taxpayer partner/member; an eligible city resident S corporation needs all shareholders to be city taxpayers. It must also elect NYS PTET for that year and elect NYC PTET in the same application by the annual deadline. Eligible direct owners claim the NYC credit. A default disregarded single-member LLC cannot elect independently. NYC election, eligibility and credit rules.
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New York LLC Taxes — FAQ
Ahmad Adil is the founder and CEO of LLC School. Consult current IRS and New York instructions for the tax year, classification and activity. The reserve planner performs only the arithmetic from your entered assumptions.
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