Tax Rates:
NY Sales Tax
%
Income Tax (effective)
%
Net Revenue
—
After sales tax removed
Total Expenses
—
Operating costs
Tax Reserve
—
Set this aside
Revenue
—
Gross invoiced (inc. sales tax)
—
Less: NY Sales Tax collected (8.625%)
—
Net Service Revenue
—
Expenses
—
No expenses logged
Total Expenses
—
Tax Obligations
NY Sales Tax collected → remit to NY State
—
Estimated income tax on profit (28%)
—
Total Tax Reserve
—
Net Profit (after all taxes)
—
| Date | Type | Category | Description | Gross | Tax | Net |
|---|
QuickBooks-Ready Export
Standard format your accountant can import directly into QuickBooks
Income
Expense
Tax Liability
| Date | Type | Ref No. | Customer / Vendor | Account | Description | Amount | Sales Tax | Net | Status |
|---|
NY Sales Tax (8.625%)
Long Island / Suffolk County rate. This is collected from your customers and must be remitted quarterly to NYS. It is NOT your money — set it aside.
Gross revenue invoiced
—
Sales tax rate
8.625%
Sales tax collected (included in invoices)
—
File quarterly with NYS Tax Department. Next filing: check nystax.gov for current quarterly due dates.
Estimated Income Tax
Based on your net profit and the effective tax rate you set above. This covers both NY State income tax (~6.85%) and federal tax. Adjust the rate to match your actual bracket. Pay estimated quarterly to avoid penalties.
Net service revenue
—
Less: total expenses
—
Taxable profit
—
Effective tax rate (you set this)
28%
Pay estimated quarterly taxes to IRS (Form 1040-ES) and NYS (IT-2105). Due: April 15, June 15, Sept 15, Jan 15. Consult your accountant to confirm your actual rate.
Total to Set Aside This Period
—
Sales tax + income tax reserve
What You Keep
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Profit Margin
—