If you are a Florida small business owner, independent contractor, or otherwise self-employed, it’s important to note that you may be liable for self-employment taxes. Generally, the term self-employment tax refers to the Social Security and Medicare taxes for taxpayers who are self-employed. Self-employed individual should calculate and report your self-employment tax on Schedule SE of their form 1040.
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When the State of Florida turned St. Johns County over to local government in 1972, the county elected to collect local business taxes (formerly known as occupational licenses). The local business tax, County Ordinance 72-2, requires all individuals or organizations doing business located in or operating in St. Johns County to obtain a local business tax receipt. The tax is paid annually with the fiscal year beginning on October 1.
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Posted in Business & Corporate Law,Real Estate Law
Recent legal developments have once again drawn attention to an area that has experienced heated debate and spurred litigation: vacation rentals. “Vacation rentals” are defined by statute as “any unit or group of units in a condominium or cooperative or any individually or collectively owned single-family, two-family, three-family, or four-family house or dwelling unit that is also a transient public lodging establishment but that is not a timeshare project.”
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Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time. To avoid paying penalties and other tax consequences, keep a calendar and review tax deadlines with your Accountant, CPA, Enrolled Agent, or Tax Attorney. Jackson Law Group has tax attorneys that can assist you with IRS or other tax problems. The below items are a few examples of important dates:
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Posted in Asset Protection,Business & Corporate Law
Florida law regulates the ownership of a professional limited liability company or professional corporation in an effort to safeguard the public from adverse interests. See our prior two Blog Posts (LINK 1) (LINK 2) for more information on professional businesses. Under Chapter 621 of the Florida Statutes, a professional business’s owners may only be professional limited liability companies, professional corporations, or individuals who are duly licensed or otherwise legally authorized to render the same professional service.[1] Each owner must be licensed or otherwise legally authorized to conduct the professional service that the entity is organized or incorporated for. For example, under this provision, a Florida attorney, accountant, and life insurance agent are prohibited from forming and operating a single professional entity.
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Posted in Asset Protection,Business & Corporate Law
Florida has recently amended the law regarding what must be included in the name of professional businesses formed after January 1, 2014. Below is a brief summary of the changes. Companies formed prior to January 1, 2014 are not required to update the entity’s name to conform to the new requirements. However, the entity’s name should still conform with Florida law prior to the recent amendments. See our prior Blog Post (LINK) on what a professional service corporation or professional limited liability company is for more information on professional businesses.
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Posted in Asset Protection,Business & Corporate Law
Chapter 621 of the Florida Statutes governs professional service corporations and professional limited liability companies. For an entity to file under this chapter, the practitioner must be engaged in a professional service. A “professional service” is a type of service to the public that requires the performing individual to obtain a license or other legal authorization before engaging in practice.[1] Examples of professional services in Florida include certified public accountants, public accountants, chiropractic physicians, dentists, osteopathic physicians, physicians and surgeons, doctors of medicine, doctors of dentistry, podiatric physicians, chiropodists, architects, veterinarians, attorneys at law, and life insurance agents.[2]
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Whether filling out your new hire paperwork or preparing your tax returns, the IRS has guidelines for who may be claimed as a dependent for income tax purposes.
There are typically two types of dependents for federal income tax purposes:
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