Federal & State Taxes
Business Tax Preparation
Although Florida does not have ok income tax, there are other tax reporting requirements that may affect you, particularly if you’re a business owner. The primary reporting for the state is a corporate income tax. LLC’s, Partnerships, and S-Corporations do not file or state corporate income tax. There is re-employment tax (formerly unemployment tax) levied on the first $7,000 of wages for each employee and is paid 100% by the employer. Florida also has a state and discretionary sales surtax that requires monthly remittance and reporting. The state sales tax rate is 6% with some counties imposing a discretionary sales surtax with the rate depending on the county in which you operate. For example, Leon County (Tallahassee) has a surtax of 1.5% making the total sales tax rate in this locale 7.5%.
The Florida corporate income tax return is filed annually. The Florida re-employment tax has a quarterly reporting and remittance of tax due. We can set your business up to transmit the return and remittance electronically at the end of each quarter upon your instruction. Please refer to our Bookkeeping/Payroll section for a complete discussion on payroll related taxes. Sales taxes are generally reported and remitted by the business owner.
There are several ways to establish your business for individual needs and tax reporting purposes.Below is a sample of commonly used tax forms:
- U.S. Return of Partnership Income (Form 1065)
- U.S. Income Tax Return for an S Corporation (Form 1120S)
- U.S. Corporation Income Tax Return (Form 1120)
- Florida Corporation Income Tax Return (Form F-1120)
- Florida DOR Employer’s Quarterly Report (Form RT-6)
- Florida Sales & Use Tax Return (Form DR-15 or DR-15EZ)
If you are just starting out, we will work closely with you and your attorney to select the business structure that will allow you to accomplish your goals with consideration of the potential tax implications.
If your business is well established, we will analyze the equity reconciliations to advise you of the tax effect your business is currently facing vs. what we may be able to suggest. Bill’s wide and varied experiences make him an invaluable resource for your business needs. He looks forward to sitting down and working with you. Give Bill a call now at 850-386-2639.
Individual Tax Returns
There are a bevy of tax forms and requirements published by the IRS. Our firm strives to stay on top of all these changes by focusing on continual training for all staff. Below is a sample of commonly used forms and schedules:
- Individual Income Tax Returns (Form 1040)
- Child Tax Credit (Form 8812)
- Itemized Deductions (Schedule A)
- Interest & Ordinary Dividends (Schedule B)
- Profit or Loss from Business-Sole Proprietors (Schedule C)
- Capital Gains & Losses (Schedule D)
- Supplemental Income & Loss (Schedule E)
- Profit or Loss from Farming (Schedule F)
- Credit for the Elderly or Disabled (Schedule R)
- Self-Employment Tax (Schedule SE)