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Good morning,I formed an S Corp in New York state in March

Good morning, I formed an...
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?
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Answered in 3 hours by:
3/1/2010
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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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.

 

jon

Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Verified
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