|
Written by Mark Hankins
|
|
Jun 14, 2007 at 03:10 PM |
|
Taxes on your business, insurance requirements and other reporting requirements will depend on the nature of the business, its form of legal organization, and whether or not there are employees. Major federal, state and local business taxes and insurance requirements include:
A Federal Employer identification number (obtained by filing form SS-4) is issued to most businesses. Necessary federal forms and small business tax kits are available from local IRS offices or by calling 1-800-829-3676. The IRS can provide information to employers on withholding and social security taxes and federal unemployment taxes. Tax workshops for business owners are also conducted in major Florida cities. For questions and assistance, please call 1-800-829-1040.
All businesses that collect the Florida sales tax when selling certain items must obtain a Florida Sales and Use Tax Number (DR-1) and report the 6 percent Florida sales tax and any local discretionary taxes to the Florida Department of Revenue. A $5 registration fee is required. Other taxes collected by the Department include intangible personal property taxes and corporate income taxes. Local governments may also collect special taxes. Please contact one of the local Florida Department of Revenue offices located in major Florida cities or call 1-800-352-3671. Businesses that have one or more employees may need to apply for a state Unemployment Tax Number. Employers pay a quarterly tax based on employee wages. The Department also handles workers compensation. If a business has four or more employees, workers compensation coverage is required. All construction-related businesses should contact the Department to determine specific coverage and/or waiver requirements. For more information, please contact an insurance agent who offers business lines or: Florida Agency for Workforce Innovation Division of Workers Compensation, Bureau of Compliance (850) 921-6966. Many professions and occupations also have specific requirements for insurance and/or provisions for qualifying for waivers of insurance requirements or self-insuring. The licensing agency will be able to advise you of those requirements.
Please login or register to add comments |
|
Last Updated ( Jun 20, 2007 at 10:45 AM )
|
Getting Started 
