Medows CPA Helps Small Businesses and the Self-Employed with New NYS Tax

New York, NY, October 09, 2009 --(PR.com)-- There is a new tax in New York City and it's surrounding counties that requires an estimated tax payment by November 2, 2009. The Metropolitan Commuter Transportation Mobility tax (MCTMT) applies to employers and to those who are self-employed and active members of LLCs and Partnerships (ie those people who pay self-employment taxes as part of their tax returns). At the Accounting firm of Medows CPA, PLLC, Jonathan Medows is helping his clients understand this new tax and how it effects their business.

Of the new tax, Mr. Medows says "The main thing to remember is that if you have self-employment earnings (aka profit) over $10,000 this tax applies to you. Feel free to reach out to me if you need assistance preparing this estimated tax. I estimate the prep fee to handle this will be between $50-$150 depending on how long it takes me to prepare this for you.

"The MCTMT is imposed on certain employers and self-employed individuals engaging in business within the metropolitan commuter transportation district (MCTD). This department administers the tax for the Metropolitan Transportation Authority. (The MCTD includes the counties of New York (Manhattan), Bronx, Kings (Brooklyn), Queens, Richmond (Staten Island), Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester.)

"For those with payrolls, this tax will be collected as part of the New York State payrolls. For those who are members of partnerships, LLC or self-employed there are additional filing requirements. In addition, the state now requires a separate tax return to account for this tax. The return for 2009 will be due by April 30, 2010."

For more information on this new tax and how it effects your business, contact Medows CPA, PLLC.

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