Decide Which Type of Business Entity to Form
Sole Proprietorship
Partnership
Corporation
S Corporation
Limited Liability Company
Select Your Accounting Period
Calendar Year
Fiscal Year
Select Your Accounting Method
Cash Method
Accrual Method
Register With Tax & Government Authorities
Internal Revenue Service
Employer Identification Number is required when you:
-
Have employees
- Have a qualified plan
- Incorporate your business
- Start a partnership
- File employment tax returns
To obtain an Employer Identification Number, complete IRS
Form SS-4,
Application for Employer Identification Number
File Form SS-4 by telephone, or by fax.
Phone:
866-816-2065
Fax:
631-477-8960
State & Local Tax Agencies
State Employer Identification Number
- State Employment Security Account Number is required when you have employees. Florida employers should contact the
FL Dept of Revenue to obtain
Form DR-1, Application to Collect and/or
Report Tax in Florida.
Online:
http://www.state.fl.us/dor/forms/register.html
Occupational Licenses
- Obtain any necessary applications from the city
and county where your business is located.
- File forms with the required fee with the
city and county.
- Post in plain sight at your place of business.
- Must be renewed periodically.
Fictitious Business Name
- Required if the entity will conduct business in a name other than the name of the corporation or owner(s).
-
Obtain the application from the
Florida Secretary of State.
- File form with the required fee.
- Post in plain sight at your place of business.
Sales Tax & Reseller Registration
- Required if you will be engaged in wholesale or retail sales.
- Obtain
Form DR-1, FL Business Registration, from the Florida Department of Revenue, Central Registration Division.
Local Address: 3111 University Drive, Suite 501
Coral Springs, FL 33065
Phone: 954-346-3000
Address: 5050 W. Tennessee Street
Tallahassee, FL 32394-0100
Phone:
850-488-9750
Website:
Registering to Collect and/or Report Taxes
Obtain Insurance Coverage
You might consider obtaining the following coverages:
Keep Good Records
Open a Business Bank Account
- This is your basic source of information for recording your business receipts & expenses.
- This account should be kept separate from your personal account.
- It should be reconciled monthly.
Good Record Keeping
- Will help you keep a good score sheet of your business.
- Will help you prepare accurate financial statements.
- Records that support an item of income or deduction on a tax return must be kept until the statute of limitations expires.
Report & Pay Income Taxes
Sole Proprietorships
Forms to file to report income & expenses:
- Schedule C (Form 1040), Profit or Loss From Business, for businesses other than farming.
- Schedule F (Form 1040), Profit or Loss From Farming.
Partnerships
Forms to file to report income & expenses:
-
Form 1065, U.S. Partnership Return of Income, for federal.
-
Form F-1065, Florida Partnership
Information Tax Return, if it is doing business in Florida and a
corporation is one of the partners.
-
Form DR-601, Florida Intangible
Personal Property Tax Return
-
Tangible Tax
Corporations
Forms to file to report income & expenses:
- Form 1120, U.S. Corporation Income Tax Return, for federal.
-
Florida Form F-1120, Florida Corporate Income/Franchise and
Emergency Excise Tax Return, for Florida
-
Form DR-601, Florida Intangible
Personal Property Tax Return.
-
Tangible Tax
S Corporations
Forms to file to report income & expenses:
-
Form 2553, Election by a Small Business Corporation, needs to be filed with the Internal Revenue Service within the first 75 days of the corporation's tax year if your corporation wishes to be treated as an S Corporation.
- Form 1120S, U.S. Income Tax Return for an S Corporation, for federal.
-
Florida Form F-1120, Florida Corporate Income/Franchise and
Emergency Excise Tax Return, for the first year and
last year.
-
Form DR-601, Florida Intangible
Personal Property Tax Return.
-
Tangible Tax
Limited Liability Company (LLC)
Forms to file to report income & expenses:
- By default, an LLC is taxed as a
partnership. Therefore, it would file the corresponding partnership
tax returns (if more than one partner).
- If only one partner, then the
entity is disregarded and is treated as a Sole Proprietorship.
- If your LLC elects to be taxed as a corporation, it would need to
complete and file Form 8832, Entity Classification Election, on which the election is made and would file the corresponding corporate tax returns.
- If your LLC elects to be an S Corporation, it would need to file
Form 2553.
-
Form DR-601, Florida Intangible
Personal Property Tax Return.
-
Tangible Tax
Report & Pay Employment Taxes
Employment Tax Forms
Form I-9 - Employment Eligibility Verification
- Both the employer & the employee must complete this Immigration & Naturalization Service Form. This is to verify that each new employee is legally eligible to work in the U.S.
Form W-4 - Employee's Withholding Allowance
- Completed by the employee
- Used by the employer to figure the amount of income tax to withhold from the employee's wages.
Form 8109 - Federal Tax Deposit Coupon
- Is used by certain businesses for depositing taxes.
Form W-2 - Wage & Tax Statement
- Is used to report wages paid and withholding to employees
Form 940 - Employer's Quarterly Federal Tax Return
- Is used to report federal unemployment tax
Form 941 - Employer's Quarterly Federal Tax Return
State related employment tax returns
Form UCT-6 - Employer's
Quarterly Report, for Florida
- Certain taxpayers must file
electronically
Where to Go for Help
Maniar, Miller & Wechsler, LLC Tax Calendar
Qualified & Competent Professionals
IRS Publications
Government Agencies
(800) TAX-1040 Internal Revenue Service Taxpayer Assistance Line
(800) TAX-FORM Internal Revenue Service Ordering Forms &
Publications
(800) 352-3671 Florida Department of Revenue
Taxpayer Assistance
Line
(850) 488-8422 Florida Department of Revenue Forms Order Line
(800) 482-8293 Florida
Unemployment Tax Issues
(800) 8ASK-SBA Small Business Administration
Small Business
Answer Desk
(800) 772-1213 Social Security Administration
Web Sites
www.irs.ustreas.gov
Internal Revenue Service
www.state.fl.us/dor/ FL
Department of Revenue
www.ssa.gov Social Security
Administration
www.business.gov US Business
Advisor
Download the
Start-up Kit for New Business Owners, published by the Florida
Department of Revenue.
