Source-cited explainers on Small Business, in plain English or Spanish, for the individuals and businesses we serve across Miami and beyond.
Form 8919 lets a worker paid on a 1099 who should have been a W-2 employee report only the employee side of Social Security and Medicare tax instead of the full self-employment tax. Here is who qualifies, what a reason code has to prove, and what the IRS may push back on.
A small employer starting a new SEP, SIMPLE IRA, or 401(k) can claim a Section 45E tax credit of up to $5,000 a year for three years on Form 8881, with SECURE 2.0 now covering 100 percent of costs at 50 or fewer employees.
The IRS lists a yacht as an entertainment facility, and generally no expense for its use, including depreciation and operating costs, is deductible. Here is where the rule bites, what listed property means for a boat, and when a business really can depreciate one.
Florida reemployment tax funds unemployment benefits and is paid by the employer. It rides on the first $7,000 of each worker's wages, and the RT-6 is due the last day of the month after each quarter. Unpaid tax carries floating interest on the state's calendar.
A QSEHRA lets a small employer reimburse an employee's health insurance and medical bills without income tax, up to $6,450 self-only or $13,100 family in 2026. An ICHRA extends the same idea. Here is how each works, who qualifies, and what the W-2 has to show.
Closing a US corporation means filing Form 966 within 30 days of the dissolution vote, filing the final Form 1120 or 1120-S with the final return box checked, closing out payroll accounts, and sending the IRS a letter to cancel the EIN. Here is the full federal picture.
Catch-up bookkeeping reconstructs the transactions behind a set of books that has fallen behind, and a QuickBooks cleanup fixes what is on the ledger. Here is what each engagement covers, what commonly goes wrong, and how long the IRS says the records have to stay on file.
Section 168(n), added by the One Big Beautiful Bill Act, lets a manufacturer, refiner, or agricultural producer elect a 100 percent first-year depreciation deduction on qualified production property placed in service after July 4, 2025, and before January 1, 2031.
Sales tax on software as a service depends on the state. Florida's 6% base taxes sales, admissions, storage, rentals, and a short list of enumerated services. Remote SaaS sellers still trip Florida's $100,000 economic nexus once they invoice into the state.
SECURE 2.0 Act section 414A requires most 401(k) and 403(b) plans established after December 29, 2022 to automatically enroll employees at 3 percent, effective for plan years beginning after December 31, 2024. Plans of new and small businesses are exempt.
Restaurants have claimed the Section 45B FICA tip credit for years, and it now extends to barbering, nail care, and spa services. Here is what qualifies, why service charges do not, and how tip reporting drives the credit.
Rideshare income is self-employment income, and the deductions worth thousands ride on records the driver has to build. Here is what to log, what to keep, and how the IRS reads the file.
Form SS-8 lets a business or a worker ask the IRS to formally decide whether services are those of an employee or an independent contractor. Here is how the form works, what the IRS looks at, and how long a determination takes.
Freelancers, sole proprietors, and partners who work for themselves in Miami must pay income and self-employment tax as they earn it. Here is who owes estimated tax, how the four payment periods work, and how Form 2210 figures the underpayment penalty.
After you form a Florida entity, the paperwork just starts. Here is how the Sunbiz filings, the Florida Department of Revenue sales tax registration, and ongoing state deadlines fit together for a new small business.
The Section 41 research credit is worth 20% of qualifying research spending above a base amount, or 15.8% with the Section 280C election. Covers the four-part test, the $500,000 payroll tax offset, and Section G reporting for tax years beginning after 2025.
Florida requires registration with the Department of Revenue before your first taxable sale, admission, storage, or rental. Form DR-1 opens the dealer account, every location registers separately, and returns are late after the 20th with a 10% penalty.
YouTube, TikTok, and Instagram creators become self-employed the moment net earnings reach $400. Here is how brand deals, ad revenue, and gifted product land on Schedule C, how self-employment tax is figured, and when quarterly payments start.
Florida has over 3.5 million registered business entities. Here is what a Florida LLC should keep in its books, which state and federal records belong in the file, and how bilingual bookkeeping cuts the errors that surface at filing time.
Florida economic nexus explained: an out-of-state seller with more than $100,000 in taxable remote sales in the prior calendar year must register, collect the 6% state rate plus county surtax, and file electronically.
The IRS weighs behavioral control, financial control, and the type of relationship. Get it wrong with no reasonable basis and your business owes the employment taxes it never withheld, plus interest. Here is how the test works and how Section 530 relief is earned.
The Work Opportunity Tax Credit is authorized only for workers who begin work on or before December 31, 2025. Employers can still certify qualifying 2025 hires, claim the credit on Form 5884, and carry unused credit forward.
S-corp shareholder-employees who perform more than minor services must be paid a reasonable salary subject to FICA, FUTA, and income tax withholding. Here is the IRS rule, the Watson standard, and the seven decisions the agency cites.
Form 7203 is the S corporation shareholder basis workpaper. Four events require it, stock basis and debt basis are tracked separately, and losses above your combined basis are suspended and carried forward indefinitely.
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