Suffolk Among Best Counties In New York For Small Businesses

SUFFOLK COUNTY, NY — Suffolk County recently ranked among the best counties in the state for small businesses. SmartAsset released its study of the best places for small businesses and Suffolk County came in fifth.

Small businesses in the county have a return of 24.23 percent and 9.22 percent income. The income tax for small businesses is the same in Suffolk as in the other areas in New York at $10,604. According to the ranking, the small business index in Suffolk County is 39.91 percent.

The best county for small businesses in New York is Yates, followed by Columbia, Putnam and Ulster.

To come up with the list, SmartAsset looked at the proportion of people in a county with small business income, how much business income those people reported and the amount of tax a potential resident must pay on their income.

The group compared the number of tax returns that report small business income to the total tax-filing population of the region. In addition, the study looked at the total amount of small business income to the overall amount of income reported in each region.

"Small businesses are typically incorporated as pass-through entities, meaning that the business owners pay income taxes on the company profits rather than the company itself paying income tax," the study reads. "Because of this, income taxes can play a major role in determining the financial success of a given small business. To determine income tax burdens across counties, we used the national median household income. We then applied relevant deductions and exemptions before calculating federal, state and local income taxes for each location."

All of the three factors were then used to create the small business index.

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