Legal Question in Tax Law in New York

Re: Sale and Use Taxes

Sales and Use taxes are not profit dependent, but are payable either monthly or quarterly, depending upon amounts due, monthly and quarterly as sales take place and payment is received. Income taxes may be due quarterly, depending upon floating profitability (e.g., no profits in early part of the year, no estimated income taxes are due. Once you turn to profitability, taxes should be paid quarterly). Franchise tax (minimum tax even if not profitable) would be due annually. Summation: Sales and Use Tax are payable monthly or quarterly, depending upon amounts due. Income taxes might require quarterly deposits, commencing with profitability. Franchise Tax may be annual, but is a concomitent of profits; you pay the larger of the franchise tax (actually a minimum income tax) or actual income tax due. Most of this is an accounting function that could be provided by your accountant.