Business Tax Preparation
Although Florida does not have an 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 re-employment tax (formerly unemployment tax); a tax levied on the first $7,000 of wages for each employee and is paid 100% by the employer.
This 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 menu page for a complete discussion on payroll related taxes.
There are many ways to establish your business for individual needs and tax reporting purposes.Below is a sample of commonly used tax forms:
- Return of Organization Exempt from Income Tax (Form 990)
- Exempt Organization Business Income Tax Return (Form 990-T)
- U.S. Return of Partnership Income (Form 1065)
- U.S. Corporation Income Tax Return (Form 1120)
- U.S. Income Tax Return for an S Corporation (Form 1120S)
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.