Friday, October 8, 2010
What Do I owe? Don’t Let Sales and Use Taxes Get You Down
The Florida sales and use tax laws can be confusing to new business owners.Depending on how you operate your business you may be responsible for sales taxes, use taxes, a combination of the two, or neither. Now, before you get too excited about that last choice, know that very few businesses do not have to pay any kind of state sales or use taxes. What happens if you fail to plan for paying the sales and use taxes you owe? A huge mess is what can happen. If you fail to pay the taxes you are responsible for, at some point you are going to get a very large bill from the state of Florida instructing to pay up or face the consequences. That bill could cripple your business,
By enlisting the help of an accountant prior to opening your doors for business, you will know exactly what taxes your business will be responsible for. Planning is the biggest part of the battle. If you take the time to learn what your tax responsibilities are now, you can save yourself headaches later.
Additionally, if you choose to use the services of an accountant for your business tax and payroll purposes, you will never have to worry about the taxman knocking on your door with a big bill. Your accountant will make sure that all of your tax liabilities are taken care as the year moves along. Different businesses are required to pay their sales and use taxes at different intervals, instead of preparing your tax returns four times, or even twelve times a year, enlisting the use of an account and letting them handle your tax filing needs can save you uncountable hours of frustration and worry.
If you would like to learn more about how an accountant can help you navigate the Florida sales and use tax laws, visit ThinkCFCG.com