FLORIDA MINIMUM WAGE WILL BE $13.00 AN HOUR STARTING SEPTEMBER 30TH Under a 2020 amendment to the Florida Constitution, the Florida minimum wage automatically increases by $1 each September 30th until it reaches $15 an hour in 2026. Starting September 30, 2024, the Florida minimum wage is increasing to $13 an hour. All non-tipped employees […]
Read MoreHURRICANE SUPPLIES ARE TAX-FREE AUGUST 24th – SEPTEMBER 6th Certain household items and supplies needed for evacuating with pets will be tax-free for another two weeks starting August 24th. If your business sells any of these items, you must temporarily stop collecting the state sales tax on these items from Saturday August 24th through Friday […]
Read MoreMORE WORKERS WILL QUALIFY FOR OVERTIME PAY STARTING JULY 1ST Starting July 1, 2024 employees whose salary is less than $844 a week ($43,888 on an annual basis) must be paid overtime if they work more than 40 hours in a workweek. Prior to July 1st, only workers with a salary less than $684 a […]
Read MoreLOANS AVAILABLE FOR BUSINESSES IMPACTED BY SEVERE WEATHER IN MAY Businesses that were affected by the tornados and severe weather in north Florida in May can apply for assistance from the Florida Small Business Emergency Bridge Loan program. This program provides short-term, no-interest loans of up to $50,000. Small businesses in need of assistance in […]
Read MoreBUSINESS RENT TAX IN FLORIDA IS DECREASING JUNE 1ST In Florida, state sales tax is charged on commercial property leases. Businesses that rent office space, retail space, or warehouses are required to pay sales tax on the amount of their lease. The current sales tax rate for commercial leases is 4.5% plus any local county […]
Read MoreLAST REMINDER: FILING DEADLINE FOR YOUR COMPANY’S 2024ANNUAL REPORT IS MAY 1st There are only a few weeks left before the May 1st deadline for Florida companies to file their corporate Annual Report with the State of Florida. If you miss the May 1st deadline, the state will add a mandatory penalty of $400 in […]
Read MoreFLORIDA REEMPLOYMENT TAX RATES FOR 2024 NOW AVAILABLE With a few exceptions, Florida employers are required to pay a state reemployment tax (also called unemployment tax) on the wages paid to its employees. Reemployment tax is paid quarterly to the Florida Department of Revenue by filing a form RT-6 (Employers Quarterly Report). Your business should […]
Read MoreLOANS AVAILABLE FOR FLORIDA BUSINESSES IMPACTED BY SEVERE WEATHER IN BAY AND JACKSON COUNTIES Businesses in Bay and Jackson counties, including sole proprietors, impacted by the severe weather at the beginning of January can apply for assistance from the Florida Small Business Emergency Bridge Loan program. This program provides short-term, no-interest loans of up to […]
Read MoreBUSINESS MILEAGE RATE FOR 2024 The standard mileage rate set by the Internal Revenue Service is 67 cents per mile for 2024, an increase of 1.5 cents from the 2023 rate. The business mileage rate is used by taxpayers claiming a mileage deduction for a vehicle they own or lease. Businesses also use this rate […]
Read MoreREMINDER: W-2s and 1099s MUST BE FILED ELECTRONICALLY IN 2024 Each January, businesses are required to file certain tax forms for each of their employees and for each independent contractor the business paid at least $600 to during the year. One copy of the form is given to the employee/independent contractor, and one copy is filed […]
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