by montalvoteam | Jul 30, 2025 | Accounting Solutions, Auditing, Business Growth, Business Strategy, Business Tax Advice, Business Taxes, Florida Tax Laws
Navigating the world of accounting and taxes can be overwhelming—especially when you’re focused on growing your business or managing personal finances. At Davis Group P.A., we understand that every client comes to us with unique questions, concerns, and goals. Whether you’re a small business owner setting up your first accounting system, an individual looking to minimize tax liabilities, or a seasoned entrepreneur seeking strategic financial guidance, we’re here to help simplify the complexities.
To make your experience smoother and more transparent, we’ve compiled a list of frequently asked questions (FAQs) that address the most common inquiries we receive. From understanding the difference between tax planning and preparation to learning how we can help with back taxes or financial forecasting, these answers are designed to clarify your options and help you make informed decisions.
Read on to discover how Davis Group P.A. can be the reliable financial partner you need—whether you’re starting fresh or optimizing your current financial practices.
1. What types of accounting services do you provide?
- Davis Group P.A. offers comprehensive accounting services, including bookkeeping, financial statement preparation, tax planning and preparation, audit assistance, payroll services, and consulting for both businesses and individuals.
2. Do you provide tax planning and preparation services?
- Yes, we offer tax planning and preparation for individuals, businesses, and non-profits. Our goal is to help clients minimize tax liabilities while remaining compliant with tax laws.
3. What industries do you specialize in?
- We serve a wide range of industries, including but not limited to healthcare, real estate, construction, retail, and professional services. Our team has experience tailoring accounting and tax solutions to meet industry-specific needs.
4. How often should I update my books?
- It’s recommended to update your books monthly for accurate financial tracking. We can assist with monthly bookkeeping to keep your finances in order and avoid any end-of-year surprises.
5. Can you help me set up an accounting system for my business?
- Yes, we can help design and implement a tailored accounting system to meet your business’s specific needs, ensuring efficient and accurate record-keeping.
6. How can Davis Group P.A. help me with tax compliance?
- We stay up-to-date with the latest tax laws and regulations to ensure our clients remain compliant. We assist in filing accurate tax returns, managing deadlines, and identifying potential deductions and credits.
7. What is the difference between tax planning and tax preparation?
- Tax planning is a proactive approach to minimize your tax liability through various strategies. Tax preparation is the process of compiling and filing tax returns. We provide both services to help you save money and stay compliant.
8. What are the benefits of outsourcing my accounting needs?
- Outsourcing provides access to experienced professionals, reduces the risk of errors, saves time, and can lower costs compared to hiring in-house staff. It also allows business owners to focus more on growth while we handle the financial details.
9. Can you help with tax problems from previous years?
- Yes, we offer services for back taxes, unfiled returns, and other tax issues. Our team can negotiate with the IRS on your behalf, arrange payment plans, and work toward resolving your tax issues.
10. How do you keep my financial information secure?
- We use advanced security protocols and comply with industry standards to ensure that your sensitive financial data is protected. Our team is trained to handle information securely and confidentially.
11. What is the process for scheduling a consultation?
- You can schedule a consultation by calling our office, sending us an email, or filling out the contact form on our website. Our team will get in touch with you to discuss your needs and set up an appointment.
12. How can you help me reduce my business’s tax liability?
- Through tax planning strategies, we work to identify deductions, credits, and other tax-saving opportunities relevant to your industry and business type. This includes strategic planning for assets, expenses, and operational structures.
13. What do I need to bring to my tax appointment?
- Typically, you should bring your prior year’s tax return, income statements, documentation of deductions and credits, and any other relevant financial documents. We’ll provide a detailed list based on your unique situation.
14. Do you offer services for startups and new businesses?
- Yes, we work with startups and new businesses to establish accounting systems, provide financial advice, assist with entity selection, and create tax-efficient strategies to help you get started on the right foot.
15. Can you assist with financial forecasting and budgeting?
- Absolutely. We provide financial forecasting and budgeting services to help you set realistic goals, understand cash flow, and plan for future growth or investments.
16. How can I pay for your services?
- We accept various forms of payment, including credit cards, checks, and electronic transfers. Please contact us for specific billing details or to discuss payment options.
17. What sets Davis Group P.A. apart from other accounting firms?
- We combine personalized client service, expertise across diverse industries, and a commitment to achieving measurable results. Our team of experienced professionals is dedicated to supporting your financial goals with precision and care.
Let’s Build a Strong Financial Future—Together
At Davis Group P.A., we believe that clear communication and expert guidance are the foundation of any successful financial strategy. We hope this FAQ has helped answer some of your most pressing questions about our accounting and tax services—and demonstrated the depth of support we provide to clients across industries and financial situations.
Whether you’re navigating routine bookkeeping, preparing for tax season, addressing past tax issues, or looking ahead with financial forecasting, our team is here to walk you through every step with clarity, accuracy, and care. We don’t just offer services—we build long-term relationships that prioritize your goals, protect your interests, and empower you to make smart financial decisions.
If you have additional questions or are ready to take the next step, we encourage you to reach out to our team for a personalized consultation. Let us show you what it means to work with a firm that combines professionalism with genuine dedication to your success.
by montalvoteam | Apr 3, 2025 | Business Tax Advice, Business Taxes, Federal Tax, Florida Tax Laws, Florida Tax Refund, IRS Refunds, Professional Services, Tax, Tax and Accounting Florida, Tax Compliance, Tax Filing, Tax Filing Tips, Tax Planning, Tax Refunds, Tax Season Tips
Filing taxes is a critical responsibility for individuals and businesses alike. In Florida, neglecting this duty can lead to significant financial penalties, legal repercussions, and other adverse effects. Understanding these consequences is essential to ensure compliance and avoid unnecessary complications.
1. Financial Penalties
The Florida Department of Revenue imposes strict penalties for failing to file tax returns or pay taxes on time:
2. Accrued Interest
In addition to penalties, interest accrues on unpaid taxes from the due date until the tax is paid in full. Florida applies a floating interest rate, which is updated semiannually. Florida Department of Revenue+1Florida Department of Revenue+1
3. Administrative Collection Processing Fee
If a tax debt remains unpaid for 90 days, the Department charges a 10% administrative collection processing fee to cover the costs of collecting the debt. TaxCure+2Florida Department of Revenue+2Florida Department of Revenue+2
Discover Financial Peace of Mind Today
Take the first step towards financial empowerment and explore how Davis Group can make a difference in your financial journey. Contact us for a consultation and experience the difference that personalized, expert accounting services can make for you and your business in Orlando, Florida.
Let's build a brighter financial future together.
4. Legal Repercussions
Persistent failure to file tax returns can lead to severe legal consequences:
- Criminal Charges: Knowingly failing to file six consecutive returns with the intent to evade tax is considered a third-degree felony in Florida, punishable by fines and potential imprisonment. FloridaSalesTax+1Florida Senate+1
- Liens and Levies: The state may place liens on property or levy bank accounts and other assets to satisfy unpaid tax debts. Florida Department of Revenue
5. Impact on Business Operations
Non-compliance can adversely affect business operations:
- License Revocation: The Department has the authority to revoke sales tax registrations and other professional licenses, effectively halting business operations. Florida Department of Revenue+1TaxCure+1
- Reputational Damage: The Department may publish the names of businesses with significant tax delinquencies, potentially harming their reputation.
Proactive Measures
To avoid these consequences:
- File and Pay on Time: Ensure all tax returns are filed and payments are made by the due dates. Even if full payment cannot be made, filing the return on time can mitigate some penalties.
- Seek Payment Arrangements: If unable to pay in full, contact the Department to arrange a payment plan. Florida Department of Revenue
- Consult a Tax Professional: Engaging with a tax professional can provide guidance tailored to your situation, ensuring compliance and exploring potential avenues for relief.
Understanding and adhering to tax obligations in Florida is essential to maintain financial stability and avoid the cascading effects of non-compliance.
✅ Avoid the Risks—Let Davis Group P.A. Help
If you’ve missed filing your taxes or are overwhelmed by penalties, Davis Group P.A. can help you get back on track. Our experienced accountants and tax professionals offer personalized support for individuals and businesses in Florida.
📞 Call us today at +1 407-434-7900
📧 Or email: info@davisgrouppa.com
by montalvoteam | Feb 6, 2025 | Business Taxes, Federal Tax, Florida Tax Laws, Florida Tax Refund, IRS Refund Status, IRS Refunds, Personal Finance, Tax Compliance, Tax Exemptions, Tax Filing, Tax Filing Tips, Tax Planning, Tax Refunds, Tax refunds 2024, Tax Season Tips
Tax refunds are a crucial aspect of financial planning for many individuals and businesses in the United States. However, when it comes to Florida, the tax refund system operates somewhat differently compared to other states due to its unique tax structure. This guide provides a thorough understanding of tax refunds in Florida, covering who qualifies, how to claim them, and essential deadlines to keep in mind.
Does Florida Offer State Tax Refunds?
Florida is one of the few states in the U.S. that does not impose a state income tax on individuals. This means that residents do not file state income tax returns and, consequently, do not receive state tax refunds. However, Floridians are still subject to federal income taxes, and eligible taxpayers may receive a federal tax refund from the IRS.
Business Tax Considerations
While individuals do not pay state income tax, businesses operating in Florida may be subject to certain state taxes, including:
- Corporate Income Tax – Florida businesses are subject to corporate income tax at a rate of 5.5%, though certain deductions and credits may reduce taxable income.
- Sales and Use Tax – Florida imposes a 6% state sales tax on goods and some services, with possible local surcharges.
- Property Taxes – Businesses and individuals who own real estate in Florida must pay local property taxes, which vary by county.
- Unemployment Tax – Employers in Florida must pay reemployment taxes (formerly known as unemployment taxes).
Businesses that overpay these taxes may be eligible for refunds under specific circumstances, requiring them to file refund requests with the Florida Department of Revenue.
Discover Financial Peace of Mind Today
Take the first step towards financial empowerment and explore how Davis Group can make a difference in your financial journey. Contact us for a consultation and experience the difference that personalized, expert accounting services can make for you and your business in Orlando, Florida.
Let's build a brighter financial future together.
Federal Tax Refunds for Florida Residents
Since Florida does not have state income taxes, taxpayers primarily focus on federal tax refunds, which come from the IRS. Here’s how it works:
1. Eligibility for a Federal Tax Refund
A federal tax refund is issued when a taxpayer has overpaid their income taxes throughout the year due to:
- Excess withholding from paychecks
- Overpayment of estimated tax payments
- Tax credits that exceed tax liability
- Deductions that lower taxable income
2. How to File for a Federal Tax Refund
To claim a federal tax refund, Florida residents must file a federal tax return (Form 1040) with the IRS. This can be done through:
- Electronic Filing (E-File) – Using IRS-approved tax software like TurboTax, H&R Block, or IRS Free File.
- Paper Filing – Mailing a paper return to the IRS, which may take longer to process.
- Professional Tax Preparers – Hiring a CPA or tax professional to file on your behalf.
3. Key Deadlines for Filing
The IRS tax filing deadline for the previous tax year is typically April 15 unless extended due to holidays or special circumstances. Extensions can be filed (Form 4868), but taxes owed must still be paid on time to avoid penalties.
4. How to Check the Status of Your Refund
After filing a federal tax return, Floridians can check the status of their refund through:
- “Where’s My Refund?” Tool on the IRS website (irs.gov)
- IRS2Go Mobile App
- IRS Refund Hotline: 1-800-829-1954
Refunds are typically processed within 21 days for electronic filers and 6-8 weeks for paper filers.
Common Reasons for Tax Refund Delays
Tax refunds can sometimes be delayed due to various reasons, including:
- Filing Errors – Incorrect Social Security numbers, misreported income, or missing information can slow down processing.
- Fraud Prevention Reviews – The IRS conducts additional scrutiny if fraud is suspected.
- Claiming Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) – These refunds are usually delayed until mid-February due to anti-fraud measures.
- Amended Returns – Processing an amended return (Form 1040-X) can take up to 16 weeks.
Florida-Specific Tax Refunds and Rebates
Although Florida does not issue state income tax refunds, residents and businesses may qualify for certain tax refunds and rebates:
1. Sales Tax Refunds
Florida businesses or individuals who overpay sales tax or pay sales tax on exempt purchases can apply for a refund through the Florida Department of Revenue. Common reasons for a sales tax refund include:
- Paying sales tax on exempt goods or services
- Making tax-exempt purchases for resale
- Paying tax on items later returned to the seller
2. Property Tax Refunds and Exemptions
Homeowners and businesses may qualify for property tax refunds or exemptions, such as:
- Homestead Exemption – Reduces taxable home value by up to $50,000 for primary residences.
- Senior, Veteran, and Disability Exemptions – Additional tax relief for eligible groups.
- Property Tax Appeals – If property values are assessed too high, an appeal can result in a refund.
3. Gas Tax Refunds
Certain Florida businesses, such as farming or government entities, can apply for a refund on fuel taxes paid for non-highway use.
Discover Financial Peace of Mind Today
Take the first step towards financial empowerment and explore how Davis Group can make a difference in your financial journey. Contact us for a consultation and experience the difference that personalized, expert accounting services can make for you and your business in Orlando, Florida.
Let's build a brighter financial future together.
4. Unemployment Tax Refunds for Employers
Employers who overpay their reemployment taxes may apply for a refund through the Florida Department of Revenue.
What to Do If You Haven’t Received Your Refund
If you are expecting a tax refund and haven’t received it within the expected timeframe, consider:
- Checking Refund Status Online – Use the IRS website for federal refunds.
- Contacting the Florida Department of Revenue – If applying for a sales or business tax refund.
- Reviewing Your Tax Return – Ensure there were no errors in your filing.
- Calling the IRS or Florida Revenue Office – If delays persist beyond standard processing times.
Understanding tax refunds in Florida requires knowing the distinction between state and federal tax systems. While Florida does not offer state income tax refunds, residents and businesses can still receive federal tax refunds and other state-related refunds such as sales tax refunds, property tax exemptions, and business tax reimbursements. Staying informed about deadlines, eligibility, and refund processes will help ensure a smooth experience when claiming tax refunds in Florida.
For the latest updates on tax refunds, check the IRS website for federal refunds and the Florida Department of Revenue for state-related refunds.
If you need professional assistance with your tax filings or refunds, Davis Group P.A. is here to help. Contact us today for expert tax guidance tailored to your needs!
