New Year! New You! New Business? Why now could be the best time to start your own business.
Why Now is the Best Time to Own a Small Business in Florida
Destin is world renowned for its sunny weather, beautiful beaches, and friendly small businesses. Our little beach town has a thriving entrepreneurial spirit that is partially due to Florida’s business-friendly tax code and legislation. If you are thinking of starting or expanding a small business, here are some reasons why now could be the best time to do so.
- New Lower workers' compensation rates: Florida employers will see another decreased average of 15.1% percent decrease in workers' compensation insurance rates starting in 2024. The is the lowest rate businesses has in seen twenty years and the eighth consecutive year of rate reductions. Lower workers' compensation rates can help small businesses save on operating costs and improve their profitability. Sectors seeing the biggest decreases to workers comp rates are contactors and roofers.
- Low personal income tax: Florida is one of the nine states that does not impose a state income tax on individuals. This means that you get to keep more of your hard-earned money and invest it back into your business or personal needs. According to NerdWallet, Florida's state and local tax burden is 24 percent below the national average.
- Low corporate taxes: Florida also has a competitive corporate tax rate of 5.5 percent, which is the fifth lowest in the country. However, many corporations can benefit from various exemptions and incentives that can lower their effective tax rate significantly. Additionally, Florida does not tax business inventories, capital stock, or franchise taxes.
- Rich Location and Demographics for Entrepreneurs: Destin not only has the typical small businesses like property management, restaurants, and contractors but also the new creative ventures that include helicopter tours, drone photography, services to make vacations a dream! These new ventures are possible due to the large revenue the tourists bring. Our area also has a high per capita income making the off-season sustainable and luxury goods and services more attainable to the local population. Not even the sky is the limit with the kinds of business ventures that can be started here in Destin.
With a favorable tax climate, supportive legislation, and lower insurance costs, Florida is a great place to pursue your entrepreneurial dreams. If you’re thinking of starting or growing your business in the next year, give us a call for a quote on your insurance. Knowing your expenses is a great place to start and plan for success.
Source(s)
1 FL OIR Approves 15.1% Decrease in Workers' Compensation Rates for 2024 ...
2. State Corporate Income Tax Rates and Brackets for 2022
The views expressed in this article are purely the ideas of the writer and should be be considered financial or professional advice nor are they advice of Norton Insurance of Florida.