EP40 - Is Your NYC S-Corp Secretly Losing Money? Discover the Hidden Tax Trap!

Most S-Corp owners in New York City don't realize they owe a completely separate city-level corporation tax—and it's costing them thousands. The NYC General Corporation Tax hits at 8.9% of your profit, requires quarterly estimated payments, and comes with massive late fees if you miss them. If you're running an S-Corp in one of the five boroughs and your tax preparer hasn't mentioned this, you could be facing a surprise \$6,000+ tax bill with penalties.In this episode, CPAs Anastasia and Myiesha break down the NYC General Corporation Tax that catches creative entrepreneurs off guard every year. You'll learn exactly how this tax works, why single-member LLCs don't pay it, how to calculate whether an S-Corp still makes sense with this additional 8.9% burden, and the critical quarterly deadlines you cannot miss. Whether you're already an S-Corp in NYC or considering the switch, this episode gives you the numbers and strategy you need to make informed decisions and avoid costly surprises.If you're tired of discovering new tax obligations after it's too late, or if you're weighing whether an S-Corp makes financial sense in New York City, this episode delivers the clarity and action steps you need right now.⏱️ Timestamps:00:00 Introduction to NYC General Corporation Tax00:36 Meet Your Hosts: Aisha and Anastasia01:01 Understanding S-Corporation Tax Nuances01:34 NYC General Corporation Tax Explained04:10 Comparing Tax Implications: S-Corp vs. LLC08:55 Practical Tips for Managing NYC Taxes12:45 Final Thoughts and Professional Advice20:10 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#NYCBusinessTaxes #SCorpTaxes #NewYorkCityTaxes #GeneralCorporationTax #SmallBusinessTaxes #NYCEntrepreneur #SCorpStrategy #BusinessTaxPlanning #CreativeBusinessTaxes #NYCBusinessOwner #LetsGetFiscal #TaxSurprises