Corporate Taxes for Florida Businesses
In the dynamic landscape of corporate taxation, Florida businesses require strategic planning and compliance to thrive. At My Accounting Now, we understand the complexities of corporate tax laws. Our services are designed to optimize your tax position, ensuring compliance while minimizing liability. We provide end-to-end support, from strategic planning through to filing, to ensure your business benefits from every available advantage.
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Income Tax Return for Businesses in Florida
All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Ex: LLC, S Corp, Corp, Partnerships and Sole proprietorships. The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. This is officially called Estimated Tax.
Important filing dates for companies:
This category includes corporations, including LLS, C Corps and S Corps.
- Jan. 31, 2024 employers must send W-2 forms to employees and send certain 1099 forms.
- March 15, 2024 partnerships, multi-member LLCs, and S corporations must pay taxes.
- April 15, 2024 C corporations must pay taxes.
- Sept. 15, 2024 deadline for extended partnership and S corporation returns.
- October 15, 2024 last deadline for extended corporation returns.
Employment Taxes
When your company is ready to hire employees, you as the employer have certain responsibilities like employment tax, that must be paid and forms you must file. Employment taxes include the following:
— Social security and Medicare taxes
— Federal income tax withholding
— Federal unemployment (FUTA) tax
All employers are required to make federal payroll tax payments to the government and at the same time, file a report. Companies that have direct employees or hire contractors are required to yearly report to the IRS the payments made to those employees or contractors using the forms W2 and 1099 respectively. Rules can be a bit complex for a small company owner, that is why this service is often outsourced.
Handling payroll tax responsibilities involves the following:
- Federal and state taxes are paid and reported
- Income reporting (forms W2), amounts withheld (forms W4), and amounts paid on behalf of employees (forms 940 & 941) and contractors (Form 1099) are correct and file or send on time.
- Required federal and state records are kept
Estimated tax
Generally, you must pay taxes on income, including self-employment tax, by making regular payments of estimated tax during the year. Even if you made partial payments throughout the year, you may still need to pay any tax due when you file your annual tax return. These payments are like the tax withheld from any individual’s pay/salary.
Payments for estimated taxes are due on four different quarterly dates throughout the year.
- April 15, 2024.
- 2Q — June 15, 2024.
- 3Q — September 15, 2024.
- 4Q — January 15, 2025.
Excise taxes
Are taxes imposed on goods, services and activities. Excise taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Examples of excise taxes for which may include:
- Petroleum Tax
- Superfund Chemical Excise Taxes Reinstated
- Excise Tax on Coal
- Kerosene Used in Aviation - Form 720 Tax Liability Reporting
- Extended Fuel Tax Credits
- Sports Wagering
- Heavy Highway Vehicle Use Tax
- Excise Tax on Indoor Tanning Services
Self-Employment Tax
Self-employment tax accounts primarily for Social Security and Medicare taxes for individuals who work for themselves. It is like the Social Security and Medicare taxes withheld from the paychecks of direct company employees.Self-employed individuals must figure the amount using Schedule SE (Form 1040 or 1040-SR). Also, you can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct Social Security and Medicare taxes.
The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security and 2.9% for Medicare.
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Frequently asked questions
What is the employer FICA rate for 2024?
The employer FICA rate is 7.65% in 2024. Employees pay an additional 7.65% FICA tax, and self-employed workers pay the full 15.3%
How do I file a tax extension for 2023?
The federal income tax filing deadline is April 18, 2023. If you need more time, you can get an automatic income tax extension by filing IRS Form 4868. This gets you until Oct. 17, 2023, to file your tax return.
Filing an extension give me more time to pay?
No, when you file the IRS Form 4868 you get more time to present the taxes, but it doesn’t give you more time to pay your taxes. Anything you owe after the deadline is subject to interest and a late-payment penalty — even if you get an extension. You might be able to catch a break on the late-payment penalty if you’ve paid at least 90% of your actual tax liability by the deadline and you pay the rest with your return.
Why happens if I do not make estimated tax payments?
If you do not make any payments or skip a payment during the fiscal year, the IRS might charge you a penalty. The IRS can charge you a penalty even if you are owned a refund.
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