Running a small business in Broward County means juggling customers, cash flow, and compliance—often all before lunch. Solid, local bookkeeping is the difference between scrambling at tax time and steering with confidence year-round. If you’re in Hollywood, FL, the right systems keep your numbers clean, your filings on time, and your profits clear.
Hollywood FL Bookkeeping for Broward Small Businesses
Bookkeeping in Hollywood isn’t just about recording transactions—it’s about building a Florida-focused system that supports clean financials and trouble-free filings. For local service providers, retail shops, restaurants, and contractors, you need a tailored chart of accounts, consistent bank-feed reconciliations, and monthly closes that catch errors before they snowball. A disciplined workflow gives you accurate profit-and-loss statements, cash flow insights, and audit-ready records.
Start with separation: dedicated business bank and credit card accounts, plus merchant processor and POS reconciliations. Add a monthly close checklist: reconcile bank/credit/PayPal/Square, tie sales tax collected to DR-15 filings, review unpaid bills and open invoices, and lock prior periods after review. Capture receipts digitally by vendor and category so you can substantiate deductions without digging through shoeboxes.
Finally, build compliance into your bookkeeping. Map taxable and non-taxable sales correctly for Florida and Broward surtax, collect W-9s before paying contractors, track mileage and home office expenses contemporaneously, and classify owner draws vs. payroll correctly. With this foundation, your CPA or tax pro can optimize deductions and file accurate returns—on time.
Key Broward Tax Deadlines, Deductions, and Tips
Florida doesn’t have personal income tax, but Broward small businesses still face key deadlines. Florida Annual Report (Sunbiz) for corporations/LLCs is due by May 1 each year; filing after May 1 triggers a $400 state late fee. Florida corporate income/franchise tax (Form F-1120) for C-corporations is typically due May 1 for calendar-year filers. Federal estimated taxes for owners of pass-throughs and sole proprietors are due April 15, June 15, Sept 15, and Jan 15.
Locally, file the Tangible Personal Property (TPP) Tax Return (DR-405) with the Broward County Property Appraiser by April 1. Many businesses qualify for an exemption on up to $25,000 of tangible property, but you generally must file an initial return to secure it. Broward County Local Business Tax Receipt (BTR) renewals are due by Sept 30 each year, and most cities—including the City of Hollywood—require a separate municipal BTR renewal on a similar timeline.
On deductions, stay sharp. Keep contemporaneous logs for vehicle mileage (or use actual expenses), apply the home office deduction if you qualify (including the simplified method), leverage Section 179 and bonus depreciation where strategic, and capture ordinary and necessary expenses like subscriptions, merchant fees, and supplies. For pass-throughs, the Qualified Business Income (QBI) deduction may offer significant federal savings when your books properly separate wages, guaranteed payments, and business profit.
Sales Tax, Surtax, and Retail Compliance in Broward
Florida’s state sales tax is 6%, and Broward County adds a 1% discretionary surtax, making most taxable sales 7% in Broward. If you sell taxable goods or certain services, you must register, collect the correct combined rate, and file sales tax returns (Form DR-15). Returns are generally due on the 1st of the month following the reporting period and are considered late after the 20th. Many filers are required to e-file and e-pay; your DR-15 shows your assigned filing frequency (monthly, quarterly, or annually).
Configure your POS and accounting software to apply Broward’s surtax properly, especially for delivery, shipping, and the first $5,000 cap rules on certain items. Reconcile POS totals, merchant deposits, and sales tax liability monthly. If you sell online into Florida or use marketplace facilitators, confirm who is responsible for collecting and remitting tax; Florida requires many remote sellers and marketplaces to collect if they exceed economic nexus thresholds.
Take advantage of compliance best practices: maintain exemption certificates for wholesale customers, track taxable vs. non-taxable items accurately, and review sales tax mapping after any product line change. Filing and paying on time can help you avoid penalties and interest, and Florida may offer a small collection allowance on timely returns. Clean sales tax bookkeeping protects margins and prevents expensive notices.
Payroll, Reemployment Tax, and Year-End Filings
Even if Florida has no state income tax, employers must manage payroll correctly. Federal payroll tax deposits follow IRS schedules based on your liability, and filings include Forms 941 quarterly and 940 annually. Florida’s reemployment tax (RT-6) is due quarterly—April 30, July 31, Oct 31, and Jan 31—based on your taxable wages. Set calendar reminders and coordinate your payroll system to calculate, file, and pay automatically.
Year-end forms matter. Provide Forms W-2 to employees and file with the SSA by Jan 31. Issue Forms 1099-NEC to nonemployee contractors paid $600 or more by Jan 31, and e-file with the IRS. Collect W-4s and I-9s from employees and W-9s from contractors at onboarding to prevent January scrambles. Accurate classification of workers (employee vs. contractor) and owners (payroll vs. draws/distributions) is essential to avoid penalties and to optimize deductions.
From a bookkeeping perspective, synchronize payroll journals to your general ledger, reconcile payroll liabilities each month, and tie year-to-date totals to quarterly and annual returns. If you changed providers midyear, perform a YTD balance migration and reconciliation so W-2s and RT-6 totals match your books and filings precisely.
Entity Maintenance and Local Business Obligations
Florida entity maintenance is not optional. File your Sunbiz Annual Report by May 1 to keep your LLC or corporation active; after May 1, a steep late fee applies, and failure to file can lead to administrative dissolution. If you’re a C-corp with Florida nexus, file the Florida corporate income/franchise tax return (F-1120), typically due May 1 for calendar-year corporations, and make estimated payments if required.
Don’t overlook county and property compliance. File the Broward TPP return (DR-405) by April 1 and track asset additions/disposals in your books to support the filing. Renew your County and City of Hollywood Business Tax Receipts by Sept 30. Keep your registered agent and business address current on Sunbiz to ensure you receive notices, including any from the Florida Department of Revenue.
New federal rules also touch small businesses: most companies formed before 2024 must file Beneficial Ownership Information (BOI) with FinCEN by Jan 1, 2025, while companies formed in 2024 generally have 90 days from formation; starting in 2025, new entities have 30 days. Add BOI to your annual compliance checklist alongside insurance renewals, W-9 updates, and license renewals so nothing slips through the cracks.
If you’re ready to simplify Hollywood FL bookkeeping and stay ahead of Broward deadlines, POS Taxes is here to help. From monthly books and sales tax to payroll, TPP, BTR renewals, and year-end filings, our local team keeps your numbers clean and your business compliant. Contact POS Taxes in Hollywood, FL today to schedule a consultation and put a proactive plan in place.
