Could anyone share the annual tax rate for a small business in northern wetschester/putnam/or dutchess? (New York: home)

[steven r.]

Hi everyone I was researching markets for the best places to launch a small independent automotive service business. First I would just like to establish that I have no interest in the river towns, or NYC, or anything of the like. I already know that those places are extremely expensive and not even going to waste my time or money to try.

The name of my company is called going to be called Car Vet and the name was adopted by the fact that my business is veteran owned, it has to do with cars, and I ripped off Chevrolet because it sounds similar to Corvette...lol. I thought the name was catchy.

My experience and education includes business and factory training courses through American Honda, AC Delco, and Chrysler Automotive Group. When I was working in the aftermarket I also took advantage of the companies continuing education through NAPA and their NIAT program.

My leadership and management skills were developed via the US Army and the University of Maryland's entrepreneur workshop.

I also hold industry certification, VSI certification, and savings that would be considered viable to starting a small veteran owned business.

I am writing this because what I had learned in my workshop is that one of the ways to test a potential market is to use the social media networks to test the waters of that market.

Anyways thanks for listening my New York friends, and please let me know what you think.

[kletter1mann]

Originally Posted by steven r.

Hi everyone I was researching markets for the best places to launch a small independent automotive service business. First I would just like to establish that I have no interest in the river towns, or NYC, or anything of the like. I already know that those places are extremely expensive and not even going to waste my time or money to try.

The name of my company is called going to be called Car Vet and the name was adopted by the fact that my business is veteran owned, it has to do with cars, and I ripped off Chevrolet because it sounds similar to Corvette...lol. I thought the name was catchy.

My experience and education includes business and factory training courses through American Honda, AC Delco, and Chrysler Automotive Group. When I was working in the aftermarket I also took advantage of the companies continuing education through NAPA and their NIAT program.

My leadership and management skills were developed via the US Army and the University of Maryland's entrepreneur workshop.

I also hold industry certification, VSI certification, and savings that would be considered viable to starting a small veteran owned business.

I am writing this because what I had learned in my workshop is that one of the ways to test a potential market is to use the social media networks to test the waters of that market.

Anyways thanks for listening my New York friends, and please let me know what you think.

Sounds nice, though it's not clear what all the qualifications have to do with the question. Anyway, the answer to the tax question depends on how your business is structured. LLC? Chapter S corp? Something else? Sole proprietorship? LLC's seem to be popular and relatively simple. In that case the business itself pays no tax. Profits (if any) flow through directly to the income section on your 1040 and you're taxed accordingly. The same occurs with NYS for state tax.

Did the coursework cover anything about business formation or other considerations in starting an auto repair business? There are all kinds of other regulations to take into account (safety, environmental, etc etc).

[steven r.]

Thanks for the reply. Certainly need to look into more options and as you stated safety, environmental, etc. etc. I have always wanted to own my own business and I'm a good technician but I had felt it would be a smart move to not only ask the people who reside in such areas but to also pursue some business education as well. Someone had told me that Florida would be a good place to do it based on the fact that the state offers a lower cost of living and cheaper tax rates. I did some research on Jacksonville and it was listed as a military friendly state and that 14% of all small business was owned veterans. I am surprised New York didn't make that list because it is home to one of the best academies on the planet, USMA @ West Point. I loved being stationed up there and being able to use AAFES and the Commissary. Such a beautiful area. Anyways again thanks for the reply and I will continue to research my options. The idea of Florida really does not interest me although Jax is a big military town, Navy, not Army, but we're all on the same team.