Doing Business: State Affairs

Is your financial service provider well-versed in your state's tax, sales, and other local licenses that directly impact your business?

Here's the thing, I have personally reviewed plenty of material, posts, and opinions related to the IRS. Practicing before the IRS, knowing how to navigate matters with the IRS, IRS, IRS. What about state affairs?

Something that I have personally experienced is how much of an impact state matters can have on a business. Not setting up shop correctly based on your localities can cost you money and leave you liable to penalties.

Acquiring the correct documents, paying the right fees and setting up your tax filings are all matters that apply specifically to state-level business practices.

More commonly, some cities or counties within your state may require businesses, despite industry, to obtain a license to operate. This can be called a business tax receipt, operating tax, business tax license just to name a few of these variations.

These licenses are small fees businesses are required to renew on an annual basis and the fee can be determined on the following variables

• Industry

• Number of Employees

• Business Location

There are times where a business may not need to obtain a license or pay a fee depending on where they are physically located. These are where city lines can impact your operating fees. However, these small expenses can carry mighty fees and penalty when they are not acquired. It is best to reach out to your local city AND county offices to confirm what you need to pay and or file.

Navigating local business matters can be time consuming and confusing. Hiring a professional that has experience with communicating with local municipalities or counties can save you time and the headache.

Here at Mikaesbooks, we are well-versed in permit/license renewal and registration for all cities and counties in Central Florida. We are also familiar with other state requirements for businesses nationwide. For more information, schedule a free consultation to see how we can help!

This blog is for educational purposes only. Mikaesbooks is not a tax advisor or legal professional.