When will the self-employed get a (tax) break?
I know we’ve been focusing a lot on the Unincorporated Business Tax (UBT) lately, which acts as an unfair double tax (taxing income as both business and personal income) for sole proprietors doing business in New York City. I also wanted to bring to your attention another tax that was recently implemented for the self-employed working in the NYC area. (Thanks, Jonathan, for raising this issue in your 6/24 blog response.) The Metropolitan Commuter Transportation Mobility Tax not only affects freelancers in the 5 Boroughs but also those doing business in the following counties: Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester. Self-employed individuals earning more than $10,000 who work in any of these areas must pay .34% of their net earnings to this tax. The first payment is due on November 2. I’m sure you’re thinking what I am: When will freelancers get a break?