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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
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Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Good morning,I formed an S Corp in New York state in March

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Good morning, I formed an S Corp in New York state in March 2009. I plan to file an extension to file both state and federal corporate taxes, but I think I need to estimate the taxes and make the estimated payment by March 15. I'm sure I will show a loss for the year. Do you think I will owe any federal taxes? I think my state franchise tax will be $25. Does that sound right?

S Corps do not pay federal taxes unless there are out of the ordinary circumstances so it is unlikely that you would owe anything with your federal extension.


The New York minimum tax is based on gross receipts. If your gross receipts were less than $100,000, your tax would be $25.



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