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Sales Tax Requirements for E-commerce Businesses in Florida
Taxes

Understanding Sales Tax Requirements for E-commerce Businesses in Florida

May 12, 2023 No Comments

Understanding sales tax requirements is essential for e-commerce businesses operating in Florida. A little less than two years ago, the State of Florida began requiring e-commerce sellers to collect sales tax, following many years of not doing so.

Today, e-commerce businesses must register with the Florida Department of Revenue, collect and remit sales tax, and file sales tax returns. They must also determine the correct sales tax rate for each transaction and comply with sales tax exemptions and deductions. Failure to comply with sales tax requirements can result in penalties, fines, and audits. By understanding and complying with sales tax requirements, e-commerce companies can avoid business disruption, lost profit and headaches.

For those operating an e-commerce business, here’s a helpful guide to understanding your sales tax requirements in Florida.

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Business Taxes

The Impact of Remote Work on Small Business Taxes

March 30, 2023

Remote work has been steadily increasing in popularity, and the COVID-19 pandemic has only accelerated this trend. As a result, small businesses are facing new tax challenges. One significant challenge is the question of nexus, which refers to the connection between a business and a state that allows the state to impose tax obligations on the business. With remote work, employees may be working from different states, potentially creating nexus in those states.

Additionally, small businesses may face challenges with employment taxes for remote workers, as employers are required to withhold state and local taxes from employee paychecks based on where the employee works. Small businesses may also need to consider home office deductions, remote work benefits deductions, and reciprocity agreements.

To navigate these tax challenges, small businesses can work with experienced tax professionals, implement policies and procedures, and potentially use tax software. By taking these steps, small businesses can successfully navigate the tax challenges of remote work.

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Jacksonville CPA
Business

Let’s talk about the importance
of online reviews

March 30, 2023 No Comments

This month, I’d like to emphasize the significance of online reviews, both for our business and yours. In today’s digital age, online reviews have become an essential element in establishing a company’s reputation. They serve as an invaluable source of information for prospective clients who are diligently researching various companies. These reviews play a vital role in shaping customer behavior and ultimately driving new business.

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Brock CPA 2023
Taxes

Ready to Ring in the New Year? Take Time to Talk Taxes First

December 21, 2022

As the New Year approaches, it’s a good time to reflect on your financial situation and make any necessary adjustments to potentially lower your tax burden. Maximizing your retirement contributions is one area to consider, with those 50 and over allowed to make pre-tax contributions to a 401(k) of up to $27,000 per year.

Taking stock of your stock options is also important, as exercising them can have tax implications. Estimating your capital gains and losses before the end of the year can help you make informed decisions about selling securities or other assets, potentially changing your tax bracket.

It is also essential to evaluate your Health and Flexible Spending Accounts, as the funds in an HSA carry over to the next year, while unused funds in an FSA will be forfeited as of December 31st. Be sure to speak with your tax professional or financial advisor to help you make the most of these opportunities.

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Brock CPA
Accounting Advisory Business Taxes

The Season of Giving: Understanding Charitable Gift Deductions

November 23, 2022

With the holiday season fast approaching, many people are thinking about giving back to their communities through charitable donations. It’s important to understand the rules and regulations surrounding charitable gift deductions, so you can maximize the tax benefits of your giving.

To qualify for a tax deduction, the organization you donate to must have tax-exempt status, which means it operates for charitable, religious, scientific, or educational purposes, among others. You can use the IRS’s search tool to verify an organization’s status.

It’s worth noting that changes were made to charitable giving deductions in the 2020 and 2021 tax years due to COVID relief efforts.

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Accounting Business Taxes

How to Lessen the Chances of an Audit

October 26, 2022

As the IRS receives a massive funding boost aimed at improving enforcement efforts and closing the “tax gap,” many taxpayers may be wondering how to avoid getting audited. While it is impossible to completely eliminate the chances of being audited, there are practical steps you can take to lessen your exposure.

The most crucial step is to avoid making common mistakes that are frequently flagged by IRS computers, such as filing or paying taxes late or not reporting all income that has been reported to the IRS by others. Additionally, taxpayers should avoid reporting losses from business activities that the IRS might view as hobbies and should provide specific information about their deductions.

Other actions to avoid include using the same annual figures repeatedly and using all perfectly round numbers in your tax return. Taking these precautions can help reduce the likelihood of being selected for an audit by the IRS.

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Early Tax Planning Tips to Avoid Surprises
Accounting Business Taxes

Early Tax Planning Tips to Avoid Surprises

August 26, 2022

As the year progresses, it’s important to start thinking about tax planning to avoid any unpleasant surprises when tax season arrives. There are a number of mid-year tax planning strategies that can help taxpayers save money and increase their retirement fund.

One of the first things to consider is reviewing tax withholdings to ensure that everything is up to date and on track for the coming year. Additionally, increasing 401K contributions is a great way to reduce total adjusted gross income and increase retirement savings. It may also be worth considering Roth IRA conversions, which can take advantage of the current stock market downturn to save on taxes.

Taxpayers can also consider tax-loss harvesting, which involves using losses to offset profits and reduce tax liabilities. By taking these steps, taxpayers can stay organized and be better prepared for the upcoming tax season.

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