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I am a resident of New York State (since October 2011), and work for a company full time since January 2012. Before moving to NY, I lived in North Carolina, and started my own business there, a PLLC. I still own the business, and have a registered agent in NC. I filled out 2012 IRS Form 1040, and on it, reported my business loss from 2012, using Schedule C and SE to determine the business loss and self employment tax. I have also filled out New York State Form IT-201. On it, I did NOT report business loss, since the business is licensed only in North Carolina. The only income was from North Carolina (a small NC project I subcontracted for - did some energy modeling, working remotely in NY State). Expenses were NC Business & Licensing Fees, and national certifications - no income for my business derived from NY State. B) Do I need to fill out any tax forms for the State of North Carolina? I am not a resident there (and was not a resident there at all in 2012)
ANSWER
The BIDaWIZ Team's Answer:
You would report the business income and loss from Schedule C on your form 1040 on line 6 of the NY State Tax Return IT-201. As for NC state filing requirements, you technically also had North Carolina sourced income so should be filing a NC individual tax return or form D-400 to report the business income and expenses. You can claim a tax credit on your New York state tax return for any taxes paid to other states or NC in your case in which you were also taxed in NY state for that same income. This is done via form IT-112-R.
