Tax & EIN

Florida LLC self-employment tax is 15.3% of 92.35% of your profit, which works out to about 14.1% of what the business earns for most owners. Florida doesn’t add anything on top, because it has no state income tax. But self-employment tax is federal, so every Florida LLC owner taxed the default way still owes it,Continue reading “Florida LLC Self-Employment Tax: How Much Will You Pay?”

Florida reemployment tax is the state’s unemployment tax, and you owe it once you pay $1,500 or more in wages in a calendar quarter or have an employee during 20 different weeks of the year. Most new employers pay 2.7% on the first $7,000 each employee earns, which comes to $189 per employee per year.Continue reading “Florida Reemployment Tax: What Business Owners Need to Know”

Whether your LLC files its own federal tax return depends on how many owners it has and how it’s taxed. A single-member LLC doesn’t file a separate Florida LLC federal tax return; its profit goes on your personal Form 1040. A multi-member LLC files Form 1065, and an LLC that elected S corp or CContinue reading “Does a Florida LLC Need to File a Federal Tax Return?”

A Florida sales tax permit is free, you apply for it online at floridarevenue.com, and online applications are usually approved the same day. You need one before your first taxable sale if you sell taxable goods or services in Florida. The state officially calls it a Certificate of Registration, though you’ll also hear “seller’s permit”Continue reading “Florida Sales Tax Permit: How to Register”

To get a federal tax ID number in Florida, apply for an Employer Identification Number (EIN) directly with the IRS. It’s free, and if you apply online you get the number on screen in a few minutes. The IRS uses the EIN to identify your business for tax purposes, and you’ll need it to openContinue reading “How to Get a Federal Tax ID Number in Florida”