Virtual Business Tutorials

09/13/2019

Effective January 1, 2019, till December 31, 2021, Florida Corporate Income Tax Rate is being reduced from 5.5% to 4.458%. The Florida Department of Revenue foresees a possible further reduction in years 2020 and 2021. Additional information on tax rate changes will be posted on their website.

08/19/2019

Now you don’t have to pay sales tax on donated Tangible Personal Property!

As of July 1, 2019, Florida law has changed in regards to sales tax previously imposed on exempt Tangible Personal Property bought and later on donated.
It means that if your business buys Tangible Personal Property for resale for which sales tax is not paid when acquired, but then you decide to donate it to a qualified organization, you are no longer required to remit sales and use tax on the tangible personal property acquisition cost.

Notice that the donation has to be to an organization exempt from federal income tax pursuant to Section 501 (C)(3) of the Internal Revenue Code. Example, charitable nonprofit organizations.

Note: Tangible personal property is all property than can be touched, other than real estate. Example: Computers, furniture, equipment, etc.

https://revenuelaw.floridarevenue.com/LawLibraryDocuments/2019/08/TIP-122566_TIP_19A01-08_Final_RLL.pdf

03/05/2019

If you have children under 17 years old, you may be eligible to get up to $1,400 refunded in your tax return. Keep reading.
For 2018, the new tax reform increased the child tax credit to $2,000 ($1,000 before). The credit is refundable up to $1,400 if you don't owe any tax, and if you do owe tax, your balance due will be reduced by $2,000.
To claim the credit, you need to meet all of the requirements listed below:
- Your child is younger than 17 by the end of 2018.
- You claim your child as a dependent.
- Your child lived with you for at least six months in 2018.
- You earned between $2,500 - $400,000 (if filing married jointly); otherwise, you can claim the credit if you earned between $2,500 - $200,000.
Check the link below for more information.
https://go.usa.gov/xEmQf

03/03/2019

If you own a home and itemize deductions in your income tax, watch the video presented below. It's less than two minutes long and explains changes in the amount of mortgage interest you can itemize for 2018.

Learn more about the home mortgage interest deduction. For more information go to https://www.irs.gov/taxreform ...

02/05/2019

Planning to open a business in Florida? Click the link below to download a free step-by-step guide:

http://bit.ly/vbt-register-business-fl-guide