Before you begin business in Florida, you must first find out if your business activity or products used will be subject to sales or use tax. If it is, you must register to collect sales tax or pay use tax.
The tax dollars you collect belong to Florida at the moment of collection. You serve as the trustee or custodian of these funds until you send them to the Florida Department of Revenue. You must:
- Register all business locations before conducting business
- Collect sales tax on each taxable transaction using the bracket system.
- Pay use tax on items used by your business that were purchased tax exempt or removed from inventory and not resold.
- Send the sales tax you have collected and the use tax owed to the Department timely by:
- Paying and submitting your tax return online, or
- Sending a completed Sales and Use Tax Return (DR-15 or DR-15EZ).
- Maintain complete and accurate records on all sales and purchases
- Keep copies of your records for at least three years to support the information on the tax returns.
- Notify the Department of any address or ownership changes.
Due Dates
Monthly returns and payments are due on the 1st day of the month and late after the 20th day of the month following the collection period. For example, if the sale took place during January, then tax is due on the 1st of February and late after the 20th.
Quarterly returns and payments are due on the 1st and late after the 20th day of the month following the collection period. For example, if the sale took place during September, then tax is due on the 1st of October and late after the 20th.
If the 20th falls on a Saturday, Sunday, or federal or state holiday, returns are timely if postmarked on the first working day following the 20th.
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. J Brooks & Associates, Inc. can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner. Contact today to see how we can help you.