During your first year as a business owner, you probably took on a variety of new challenges. You obtained an operating license and you purchased Florida business insurance coverage. You may have even hired a few employers to take over the everyday tasks of your business. With the New Year upon us, you are now faced with a new test – filing a tax return for your business.
While similar to filing your personal tax regulations, businesses have certain other requirements. For example, many workers have various taxes taken out of their check each pay period such as Medicaid and Social Security. Businesses with these individuals on their payroll often have to fill out an Employer’s Quarterly Federal Tax Return for the IRS. Each year, if you paid out a minimum of $1,500 in wages or had at least one employee for 20 weeks of the tax period, you may also be required to submit an Employer’s Annual Federal Unemployment Tax Return. The IRS has an Employer’s Tax Guide online to help you navigate federal tax filing. There is also one available for local and state taxes.
Make sure you are precise without figures and deductions. Mistakes could lead to fines or even an audit of your personal and business finances. Do not forget, Florida business insurance premiums are usually 100 percent deductible, so there’s really no excuse for not keeping your business well covered!