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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In New York State, taxpayers are subject to various types of taxes levied by state and local governments, as well as the federal government. Income tax is progressive, with rates varying based on the taxpayer's income level. Capital gains are taxed as income, with both short-term and long-term gains being subject to different rates. Property tax is administered locally and is based on the assessed value of real property. New York does not have a franchise tax but does impose a corporate income tax on businesses. The state also levies a sales tax on the purchase of most goods and some services, with localities adding their own additional sales taxes. Use tax applies to items purchased out of state but used within New York. While New York does not have a gift tax, it does impose an estate tax on the transfer of the estate of deceased persons. The federal government also imposes its own set of taxes, including income tax, capital gains tax, and estate tax, which apply to New York residents as they do to all U.S. citizens and residents.

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Taxes

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Taxes

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