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Accounting Business Partner

Koontz & Parkin, CPAs has the capability to help existing businesses, start-ups and real estate professionals develop healthy accounting practices. 

Business & Corporate Income Tax

As a business owner, you bear the responsibility of paying income tax whether your business is a sole proprietorship, a partnership, an LLC, or a corporation.  Proper calculation and payment of your business taxes are essential for the financial health of your company and to ensure that you do not encounter any legal or tax liability issues in the future.

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Helping You Calculate and File Your Payroll Tax

As an employer, you have numerous tax responsibilities, one of which is filing state and federal employee payroll tax quarterly and at the end of each taxable year. These taxes are withheld from each of your employees’ paychecks, and you must submit these withholdings regularly to the federal government. Usually, payroll taxes are calculated by subtracting statutory and voluntary payroll deductions from the employees’ gross pay to arrive at net pay for the year. Though this may sound simple, it can actually become quite confusing, especially if you are in charge of a large workforce. If the thought of filing payroll tax for your employees fills you with trepidation, the experienced, and knowledgeable accountants at Sarasota’s Koontz & Parkin, CPAs can help you calculate and file these returns so you can focus on the myriad of other things you need to do.

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State & Local Taxes

Florida does not levy a state income tax on individuals. However, Florida residents are not exempt from other taxes payable to the state. Business owners and those who own tangible personal property may owe significant taxes to the state. Corporate Income Tax and Tangible Personal Property Tax can be complicated to understand, calculate, and file. The experienced Sarasota accounting team of Koontz & Parkin, CPAs can ensure that you meet all legal requirements and limit your tax liability.

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Sales & Use Taxes and Tourist Development Tax

Almost every Floridian who purchases, sells or provides goods and services is subject to Sales and Use Taxes.  Florida sales tax is generally 6% but it can be higher depending upon additional local levies.  This applies to the purchase price, admission prices, storage, and services, as well as tangible items. Use tax is similar to sales tax, although it only applies in certain situations, for instance:

  • If you buy a taxable item in Florida and did not pay taxes at the time of purchase
  • If you buy a taxable item outside of the state without paying taxes and have it delivered into Florida
  • If you buy a tax exempt item with the intent to resell and then use it for personal or business purposes

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