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Archive for category: Business Essentials

An Overview of Florida Sales Taxes for Businesses

Blog, Business Essentials, SBDC News

An Overview of Florida Sales Taxes for Businesses

by Simplice Essou, CPA | June 1, 2022

Florida sales tax rules may be confusing and the penalties for not following the rules can be substantial. This articles gives a brief overview of the Florida sales taxes.

The Florida tax rules state that all sales are taxable unless there is an exemption that applies to a particular transaction. Florida sales tax varies by location. In general the sales tax rate on sales in Florida is 6 percent.

On top of that state tax, counties have discretionary sales surtax that may also apply. For example Hillsborough County has a discretionary sales surtax of 1.5 percent bringing the total sales and use tax to 7.5 percent.

Registering for Collecting and Reversing Taxes

One of the requirements for starting a business in Florida is to register with the Florida Department of Revenue. On a monthly or quarterly basis, form DR-15 will need to be filed with the Department of Revenue. This form will show among other information the total sales, the amount that is exempt, if any, and the amount of tax due, if any. This form is required even if there was no sales for the period. Failing to file form DR-15 may lead to penalties.

Exempt Sales

In general services are exempt from sales taxes in Florida. There are some exceptions to this rule. For example if the service provided includes the creation of a product or repairing a product, then the material used or included would be taxable. Other exceptions include commercial cleaning services or pest control services in non-residential buildings. So, if you provide cleaning or pest control services in a commercial building you will have to charge for sales taxes and reverse the sales tax amounts to the state.

How to Get a Florida Tax Permit

The Florida Department of Revenue prefers online registration even though it is possible to mail in a paper registration. Register online to create an account and register for a tax certificate. You will need your business name and address, your EIN number obtained from the IRS website, name(s) and social security number(s) of the owner(s), and sunbiz.org registration date.

Florida Sales Tax Deadlines

The Florida Department of Revenue publishes a calendar listing the various sales tax deadlines:

Monthly: For monthly filers the return is due on the 1st day of the month following the month during which the sales occurred. After the 20th of the month, the return is late and may be subject to a $50 fine.

Quarterly: For quarterly filers the return is due on the 1st day of the month and is late after the 20th. Any late tax return will be subject to a $50 fine.

Annually: For taxpayers who file annually the return is due on the 1st day of the month after the collection period. After the 20th of the month, the return is late and may be subject to a $50 fine.

Due to the complexity of the Florida sales tax requirements, it is always recommended that small business owners seek the guidance of a qualified tax professional.

Author

Simplice Essou

Simplice Essou, CPA

Certification Consultants, Consultants, Essou, Tampa

Florida SBDC at USF
Specialty: Accounting, Business Planning, Financial Management, Startup

Simplice Essou joined the Florida SBDC at University of South Florida in March 2020 as a business consultant, bringing almost two decades of experience in accounting, finance and entrepreneurship. Essou started and managed an international consulting firm in 2008, specializing in advising African government on issues related to small-to-medium-enterprise development. Previously, he has worked for large corporations, including Bank of America, BP-Amoco, General Electric, and Lehman Brothers. These roles gave him a wide breadth of experience, including the ability to handle forecasting, analyze revenue entries, actively communicate account receivable risks, and lead day-to-day analysis and reporting for credit losses. He earned an MBA in finance from the Wharton School at University of Pennsylvania and a bachelor’s in accounting from the University of Southern Mississippi.

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Interpreting the Florida Online Sales Tax Law for Businesses

Blog, Business Essentials, SBDC News

by Simplice Essou, CPA | June 1, 2022 The recent Florida sales tax law on Internet sales has created some confusion and led to many questions for small business owners. The new law created some controversy in Florida even though in most other states online shoppers have already been paying sales taxes on their purchases. […]

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Should my business seek certification?

Blog, Business Essentials, Featured News, Growing Your Business

by Yanina Rosario | October 15, 2019 Whether your market is local, statewide, nationwide or global, no matter what industry your business may be in, one thing that most business owners have in common is that competition is fierce. When competing against so many companies for clients, often the business owner will eye government entities. […]

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See and Be Seen: Making that Lasting Connection

Blog, Business Essentials, Featured News, Growing Your Business

by Yanina Rosario | May 22, 2019 The Tampa Bay area is fortunate to have a vibrant business community and support from public and private organizations. Recently I attended the Florida State Minority Supplier Development Council (FSMSDC) monthly minority business meeting where representatives from the Hillsborough Area Regional Transit Authority, American Airlines, Florida Turnpike and Tampa Hillsborough Expressway […]

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Is your new hire a W-2 Employee or 1099 Contractor?

Blog, Business Essentials, Featured News, Human Resources

by Corey McCaster | May 21, 2019 Many small business owners may find themselves faced with the dilemma of determining if a new hire is considered a W-2 employee or a 1099 independent contractor. Unfortunately, they often make the wrong decision. According to the Internal Revenue Service (IRS) nearly 3.4 million employees are classified as […]

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Should my company become CGBP Certified?

Blog, Business Essentials, Certifications, Featured News, Marketing

by Eileen Rodriguez, CGBP | May 14, 2019 Many business owners starting out may not consider the possibility of their business being ready for the global market. However, more than 95 percent of the world’s consumers are located beyond U.S. borders. So, if you think your business is not exposed to global markets, think again. […]

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Merchandising Intellectual Property is Risky Business

Blog, Business Essentials, Featured News, Marketing

by Chris McCray | May 15, 2019 It takes a dedicated person to stand in line a day or two in advance just to buy tickets to a movie – a true fan. From Star Wars to the Marvel Universe, this phenomenon has been enticing fans to do just that two to three times a […]

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The Importance of Client-Contractor Relationships

Blog, Business Essentials, Featured News, Growing Your Business

by Yanina Rosario | April 16, 2019 Many business owners may think they know their clients well after doing a standard Clients Needs Analysis or a Marketing Mix Analysis, but how much insight do these types of evaluations actually offer? I recently attended a special presentation for prime and sub-contractors at a local hospital. The […]

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5 Ways to Retain Generation Z

Blog, Business Essentials, Featured News

by Janette Blanco | April 5, 2019 Now that you have discovered how to attract a new Generation Z team, you need to focus on what it will take to make them stay. In today’s workforce, many companies have a staff comprised of a variety of generations. From Baby Boomers, to Generation X, to Millennials, […]

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Are Entrepreneurs Ready to Hire Generation Z?

Blog, Business Essentials, Featured News

by Janette Blanco | February 22, 2019 Millennials have been getting a bad rap lately. They are often portrayed in the media to be entitled, lazy and uncommitted. Whether one agrees those stereotypes are true or not, it could make a business owner apprehensive about hiring a Millennial. Because general consensus tends to believe each […]

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