What are the requirements for filing taxes for a new business?
In Florida, businesses are required to file taxes regardless of the type of business entity they form. For a new business, this is known as filing an Initial Return. The first step in filing taxes is to obtain a Federal Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This is required for all businesses, both incorporated and unincorporated, and is used by the IRS to track payments, issue refunds, and monitor compliance. Once you have obtained an EIN, you must register to file and pay state taxes. This can be done in one of three ways: in person, by mail, or online. In addition to the EIN, businesses in Florida must register with the Florida Department of Revenue (DOR). This registration requires filing a Notice of Business Tax Application (Form DR-1) and paying the applicable registration fee. After registering with the DOR, businesses must obtain a Florida Resale Certificate (Form DR-13) to be used for sales tax purposes. Finally, businesses must register with the Department of Revenue to pay local business taxes, such as occupational licenses or ad valorem taxes. The tax rules for local taxes vary depending on the district in which the business operates, so it is important to contact the local municipality to determine the specific filing requirements. By following the above steps, businesses in Florida are able to file their taxes in a timely, compliant manner. Once the necessary documents are filed and fees paid, businesses should be able to successfully operate within the state.
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