Tue 24 Nov 2015 | By:

Florida Business Taxes: Everything You Need to Know

Small Business Taxes

One thing is definite when you’re registering a business in Florida (LLC, Corporation, DBA, etc), and it’s the Florida business taxes you need to pay and/or collect. As a business looking to operate in the state, there are several requirements you have to complete with regard to taxes, permits, and other registration requirements.

For example, depending on the type of business you are operating in the state, you have to pay for the standard sales and use tax, business income tax, and unemployment tax.

However, there are additional tax requirements such as pollutants tax, fuel tax, communication services tax, etc. that your business might also need to comply with.

Needless to say, failing to comply with these Florida business tax requirements will disqualify you from officially operating as a business entity registered with the state of Florida. This guide will help you sort out the requirements for Florida business taxes and give resources on how to comply with these requirements easier.


1) Florida Corporate Income Tax

Of the many tax requirements your business is required to complete, the Corporate Income Tax is the most common. This type of tax is imposed for businesses that transact and earn profit within the state of Florida. Simply put, this tax is implemented for the privilege to do business in the state.

You can learn more about tax base and rates for corporate income tax as well as due dates, corporate tax incentives, and other important resources in this guide.


2) Florida Federal Tax Forms and Publications

The Florida Forms and Publications will be your lifesaver when it comes to complying with all the paperwork required of Florida business taxes. From here, you will find every possible tax form you need to comply with. Plus, the page also has a list of resources such as incentives, rewards programs, and tax violations information to give you a good grasp of the entire process.


3) Unemployment Insurance Tax

This tax type is mandatory for businesses who hire employees. There is certain criteria as to the qualification of your business for this tax type and if your business meets this criteria, you have to file then to the Department of Revenue of Florida. For a more in-depth understanding of the Reemployment (Unemployment) Insurance tax, check out this guide.


4) Florida Sales and Use Tax

Another important tax that should be collected is the sales and use tax. A sales tax is separate from the use tax. The former is an amount added to the prices of goods or services rendered. Currently, the standard rate for sales tax is 6%.

While the latter, use tax, is imposed on the use or utilization of goods or services in the event that the sales tax was not added during the time it was bought. More information is available on this Department of Revenue page.


Tools That Make Your Florida Business Tax Life Easier

Startup Tools and ResourcesToday where everything can be closely monitored, managing your business tax life is easier and more convenient. When it comes to monitoring your financial transactions and keeping up to date with all the necessary tax requirements you need to comply annually, an accounting software is well worth the investment.

An accounting software is a type of application or tool that processes accounting transactions. From detailed accounting operations such as tracking financial transactions, financial analysis and financial reports generation, all this can be done by an accounting software.

The Best Small Business Accounting Software

There are different types of accounting software applications for small businesses, but these three come highly recommended: XeroQuickBooks, and FreshBooks. Specifically designed for small businesses, these software tools are user-friendly, comprehensive applications, and reliable to help you keep track of your expenses – while staying on a budget!

Note that this article is not a tax advice. For questions on the specifics of Florida business taxes or starting a business in Florida, always refer to a local professional’s expertise.

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.