Category Archives: Uncategorized

What is Transient Rental Tax? Transient rental tax in Florida is a tax levied on rentals of living accommodations for a period of six months or less. The tax applies to both private property owners and businesses engaged in short-term rentals, including vacation homes, condos, and apartments. This tax is in addition to the standardContinue reading “Florida Transient Rental Tax (Airbnb Tax)”

What is Florida Sales Tax? Sales tax in Florida is a consumption tax levied on the sale of tangible personal property, as well as certain services, within the state. The standard rate is 6%, with additional local taxes that may increase the total rate depending on the county. Sales Tax on Exports: The Basics WhenContinue reading “Florida Sales For Export”

What is Florida’s Voluntary Disclosure Program? Florida’s Voluntary Disclosure Program is designed to encourage taxpayers to come forward and rectify any tax obligations they may have overlooked or miscalculated. This program allows individuals and businesses to voluntarily disclose past tax liabilities to the Florida Department of Revenue and work out a resolution without facing theContinue reading “Florida Voluntary Disclosure”

What is a Florida Sales Tax Resale Certificate? A Florida Sales Tax Resale Certificate is a document that allows businesses to purchase goods intended for resale without paying sales tax on those items at the time of purchase. Essentially, it acts as a tax-exempt pass for goods that will be sold to customers. The taxContinue reading “What is a Sales Tax Resale Certificate?”

Take deductions  A deduction is an amount you subtract from your income when you file so you don’t pay tax on it. By lowering your income, deductions lower your tax, but do not result in a refund as it cannot reduce your tax below $0. Claim credits  A credit is an amount you subtract fromContinue reading “What is a tax credit? What is a deduction?”

Trust funds are special bank accounts in which the beneficiary of the funds in the account is different from the executor of the account. It is essentially a pool of money held in an account for a specific use, such as social security or unemployment tax.  Trust fund taxes are income taxes, social security taxesContinue reading “What is a trust fund for employers and businesses?”

Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses, to take the deduction. If someoneContinue reading “Can I deduct my work clothes or hair/beauty expenses?”

What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its FMV on the date of the contribution. This publication focuses the valuation of noncash property being contributed after January 1, 2019, to a charity that qualifies under section 170(c) for an incomeContinue reading “Can I write off donated clothing?”