LLC fees in New York
Varies
Are LLC Fees Tax Deductible in New York?
Short answer: Yes, as a business expense: New York charges $200 (plus publication: $50 Certificate of Publication + newspaper costs, within 120 days) to form an LLC; ongoing: $9 biennial statement. Annual filing fee (Form IT-204-LL) of $25-$4,500 based on prior-year NY-source gross income; $25 for a disregarded single-member LLC with NY income. Biennial statement due in the formation anniversary month every 2 years.
Annual report fees and state LLC taxes are ordinary business expenses (IRC §162). Formation fees are organizational costs: deduct up to $5,000 the first year and amortize the rest over 15 years (IRC §195, §709).
Records to keep: Keep the state filing receipt, proof of payment, and your LLC's formation and annual report confirmations.
LLC fees in New York
Varies
General Business
Yes, as a business expense: New York charges $200 (plus publication: $50 Certificate of Publication + newspaper costs, within 120 days) to form an LLC; ongoing: $9 biennial statement. Annual filing fee (Form IT-204-LL) of $25-$4,500 based on prior-year NY-source gross income; $25 for a disregarded single-member LLC with NY income. Biennial statement due in the formation anniversary month every 2 years.
Business justification
Yes, as a business expense: New York charges $200 (plus publication: $50 Certificate of Publication + newspaper costs, within 120 days) to form an LLC; ongoing: $9 biennial statement. Annual filing fee (Form IT-204-LL) of $25-$4,500 based on prior-year NY-source gross income; $25 for a disregarded single-member LLC with NY income. Biennial statement due in the formation anniversary month every 2 years. Annual report fees and state LLC taxes are ordinary business expenses (IRC §162). Formation fees are organizational costs: deduct up to $5,000 the first year and amortize the rest over 15 years (IRC §195, §709).
Category
- Tax Write-Off Rules