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    j9madillo's Avatar
    j9madillo Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 25, 2008, 03:13 AM
    Ny/nj taxes
    Morning all, new to the site and think it's great! I am looking to start a small business in ny state, I live in nj. What does that mean for taxes as a business owner? :confused:
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #2

    Jan 25, 2008, 06:02 AM
    Not sure how it affects business. As a cross state commuter I can tell you that both States think it is a privilege to work and live there .So I pay income taxes to both states .
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #3

    Feb 5, 2008, 08:53 PM
    You don't need to pay double taxes. These two states won't affect your federal income tax. You will pay sales tax and state income tax at the state where you make your revenue.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #4

    Feb 6, 2008, 02:59 AM
    It is not double taxation . NY rates are higher so they just collect the difference.
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