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Business Law

Understanding Self-Employment Tax (What is it and Who Must Pay it)

December 2nd, 2016

Posted in Business Law,IRS & Tax Information

If you are a Florida small business owner, independent contractor, or otherwise self-employed, it’s important to note that you may be liable for self-employment taxes.  Generally, the term self-employment tax refers to the Social Security and Medicare taxes for taxpayers who are self-employed.  Self-employed individual should calculate and report your self-employment tax on Schedule SE of their form 1040.
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St. Johns County Local Business Tax

September 30th, 2016

Posted in Business Law,General Practice,IRS & Tax Information

When the State of Florida turned St. Johns County over to local government in 1972, the county elected to collect local business taxes (formerly known as occupational licenses). The local business tax, County Ordinance 72-2, requires all individuals or organizations doing business located in or operating in St. Johns County to obtain a local business tax receipt. The tax is paid annually with the fiscal year beginning on October 1.
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Important Deadlines for Taxpayers in 2015

March 25th, 2015

Posted in Asset Protection,Business Law,General Practice,IRS & Tax Information

Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time.  To avoid paying penalties and other tax consequences, keep a calendar and review tax deadlines with your Accountant, CPA, Enrolled Agent, or Tax Attorney.  Jackson Law Group has tax attorneys that can assist you with IRS or other tax problems.  The below items are a few examples of important dates:
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Owners of a Florida Professional Business are Restricted

November 26th, 2014

Posted in Business Law,General Practice

Florida law regulates the ownership of a professional limited liability company or professional corporation in an effort to safeguard the public from adverse interests.  See our prior two Blog Posts (LINK 1) (LINK 2) for more information on professional businesses.  Under Chapter 621 of the Florida Statutes, a professional business’s owners may only be professional limited liability companies, professional corporations, or individuals who are duly licensed or otherwise legally authorized to render the same professional service.[1]  Each owner must be licensed or otherwise legally authorized to conduct the professional service that the entity is organized or incorporated for.  For example, under this provision, a Florida attorney, accountant, and life insurance agent are prohibited from forming and operating a single professional entity. 
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Properly Naming a Florida Professional Business

November 19th, 2014

Posted in Business Law,General Practice

Florida has recently amended the law regarding what must be included in the name of professional businesses formed after January 1, 2014.  Below is a brief summary of the changes.  Companies formed prior to January 1, 2014 are not required to update the entity’s name to conform to the new requirements.  However, the entity’s name should still conform with Florida law prior to the recent amendments.  See our prior Blog Post (LINK) on what a professional service corporation or professional limited liability company is for more information on professional businesses.
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Understanding the “Professional” in a Florida Professional Business – Professional Service Corporations & Professional Limited Liability Companies

November 13th, 2014

Posted in Business Law,General Practice

Chapter 621 of the Florida Statutes governs professional service corporations and professional limited liability companies.  For an entity to file under this chapter, the practitioner must be engaged in a professional service.  A “professional service” is a type of service to the public that requires the performing individual to obtain a license or other legal authorization before engaging in practice.[1]  Examples of professional services in Florida include certified public accountants, public accountants, chiropractic physicians, dentists, osteopathic physicians, physicians and surgeons, doctors of medicine, doctors of dentistry, podiatric physicians, chiropodists, architects, veterinarians, attorneys at law, and life insurance agents.[2]
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Who May Be Considered a Dependent for Federal Income Tax Purposes?

August 6th, 2014

Posted in Asset Protection,Business Law,IRS & Tax Information

Whether filling out your new hire paperwork or preparing your tax returns, the IRS has guidelines for who may be claimed as a dependent for income tax purposes.

There are typically two types of dependents for federal income tax purposes:

  1. A qualifying child; and
  2. A qualifying relative.
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Are Service Businesses Able to Charge Clients for Accepting Credit Cards?

June 25th, 2014

Posted in Business Law,General Practice

Eleven states, including Florida, have laws that prohibit businesses from imposing consumers with surcharges on credit card transactions.  But what type of businesses are subject to this prohibition?  All businesses?  Only merchants and retailers?  Currently, the concept of charging surcharge or convenience fees for credit card usage by service business is not clearly addressed in the applicable statute.  Florida Statute Section 501.0117(1) states that a “seller or lessor in a sales or lease transaction may not impose a surcharge on the buyer or lessee for electing to use a credit card in lieu of payment of cash, check, or similar means, if the seller or lessor accepts payment by credit card.”  Moreover, a surcharge is defined as any additional amount imposed at the time of a sale or lease transaction by the seller or lessor that increases the charge to the buyer or lessee for the privilege of using a credit card to make payment.  Id.
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