Decide Which Type of Business Entity to Form

Sole Proprietorship
Partnership
Corporation
S Corporation
Limited Liability Company

Select Your Accounting Period

Calendar Year

• 12 consecutive months beginning January 1 and ending December 31.

Fiscal Year

• 12 consecutive months ending on the last day of any month other than December.

Select Your Accounting Method

Cash Method

• Income is reported when received & expenses are recorded when paid.

• Income is reported when earned & expenses are recorded when incurred.

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

• File form with the Florida Department of Revenue.
  ** This may be filed online. **

• Post in plain sight at your place of business.

Obtain Insurance Coverage

You might consider obtaining the following coverages:

• Liability
• Theft
• Fire
• Malpractice
• Employee Fidelity Bond
• Umbrella
• Workman's Compensation
  (This is the only insurance coverage that is required by law if you have employees. This provides coverage to employees who are injured while on the job. Consult with your insurance agent regarding obtaining this coverage.)
  

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
  • is filed annually by April 1
  • is filed in the county in which the business is located

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
  • is filed annually by April 1
  • is filed in the county in which the business is located

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
  • is filed annually by April 1
  • is filed in the county in which the business is located

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
  • is filed annually by April 1
  • is filed in the county in which the business is located

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

• Certified Public Accountants
• Attorneys

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.