Tax Relief Programs For Local Businesses In Florida
Florida Tax Breaks is important to the small business owner in the state of Florida. In the Tax Reform Act of 1984, the Florida legislature passed a unique law providing tax relief for small businesses in Florida. The first thing you should know is that every business entity has two legal forms: corporation and sole proprietorship. Each type has different tax implications. Corporate tax breaks are not available for all businesses. There are tax relief acts for corporations primarily in the year they issue more than twenty million dollars in income to their owners or shareholders.
An audit defense lawyer represents the interests of clients who have been subjected to an audit by the state government. A forensic accountant is a professional who specializes in preparing financial reports and performing other bookkeeping duties. Both auditors and tax lawyers specialize in tax law. Before hiring any professional, it`s important to make sure that you are working with someone who is familiar with the field. It is also important to make sure that your chosen Florida tax relief firm is registered with the Florida Department of Financial Services.
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Florida provides many tax relief programs that benefit local businesses. Many times the city property taxes the developers of the project pay are in excess of six hundred percent of the property value. In order to prevent their taxes from being so burdensome, developers ask the Florida Department of Finance for relief. The department will inspect the project, look at past tax records and then ultimately make a recommendation as to how much money the city should take out of the tax revenues. If the recommendation is that the city should raise the property taxes, then the finance department can then make a recommendation to the county sheriff, who then makes the decision about whether or not to raise the taxes.