Florida Rental Home Owners Forum      
 
 
 

Florida Villa Monthly Tax Calculator

Three easy steps to calculating your monthly State and County Tax returns.


First Timers, please read our
FAQ

1. Just choose your county below, and your tax rates will be automatically entered. If your county is not listed you can manually enter your tax rates.
Lake     Orange    Osceola    Polk         

2. Enter your Guest details (optional) and payments you have received. Your tax will be automatically calculated as you enter these figures. You are responsible for checking your own figures and form entries.

Tax Rates %

Please Read FAQ!

Guest Details

Guest Payments

State Tax Rate

%

$

County Tax Rate

%

$

Surtax Rate

%

$

State Collection Allowance

%

$

County Collection Allowance

%

$

   Total Rental $   +  Total Tax $    =  Total Payments: $

3. Now use the calculated figures (below) to fill in your State and County tax forms, and send off the checks!.

State Figures

County Figures

Transient Rentals (Box 1d & 3d):

$

Rental Receipts:

$

Tax Collected (Boxes 4d/5/7/10):

$

Total Tax Collected:

$

Less Collection Allowance (Box 11):

$

Less Collection Allowance:

$

Amount Due w/ Return (Box 14):

$

Total Amount Due:

$

Discretionary Surtax:

$

(enter Surtax in Box 15d on rear of State Form)

4. Check out the example forms for a Polk County Rental property. You will need to adjust for your own County form layout. I have assumed 3 separate guest payments of $556.00; $505.00 and $500.00 for the month. If you enter these figures in the form as a test, you can see exactly where the figures are used.

Copyright FRHOF 2004/2005

 

This facility is provided 'As-Is' with no warranty nor guarantee of performance of any kind. Although every effort is made to ensure all financial information, forms and functions are up to date, no responsibility is accepted for accuracy of any information whether calculated or not. It is the users own responsibility to ensure all entries made on US tax forms are accurate.  Having said all that, I use this method every month for my own forms, and frequently cross check the output against a spreadsheet.
Wherever an official form is represented on this page, copyright and intellectual property rights of the publishing organisation is acknowledged.

 

 

Frequently Asked Questions

How does the form work?
Where do the Tax rates come from?
What is a Surtax?
What is a Collection Allowance?
I accidentally altered the Tax rates
What figures do I enter?
I get error messages when I enter payments
What currencies can I use?
Can I save or print the form?
How much do I pay?
How secure is this form?

How does the form work?
These are the steps we go through to calculate and display tax and payments due:
(i) Split the total payments you entered into Rental income and Tax.
(ii) Further Split the Tax into State, County and Surtax amounts.
(iii) Work out the Collection Allowance (rebate) we get for submitting the forms on time.
(iv) Subtract the Collection Allowance from the State and County tax.
(v) Display the figures so that you can fill in the paper forms
Note: We have assumed you have NO penalties or deductions. You will have to make your own adjustments when filling in your forms

Where do the Tax rates come from?
This form is kept up to date with the latest County and State Tax rates for Central Florida. We may add other counties (e.g. Gulf Coast) in the near future.
When you select your County, these rates are automatically entered into the form for you.

At the time of creation the rates for the 'Four Corners' Counties were:
             State Tax      County           Surtax
Lake        6%             4%                1
Osceola   6%             6%                1.5
Orange    6%             5%                0.5
Polk        6%             5%                0.5

You can overtype the tax rates if you want (you may have a villa in a County we don't yet list), but you will get a warning after any change.

What is a Surtax?
Each County can levy their own Discretionary Sales tax rate for a specific purpose, and over a stated period (usually a few years). This is in addition to the Tourist Development Tax you pay direct to the County tax collector. The Sales Surtax is paid to the State along with their 6% Sales tax.
As an example, Lake County levies One percent Sales Surtax. So Lake County vendors currently pay 6% + 1% Sales Tax to the State AND 4% Tourist Development Tax to the County, a total of 11% of Rentals.
You have to calculate the surtax separately, and declare it on the back of the State tax return (box 15d) so they know how much to send back to the County.
Also note that the Surtax rate should be entered on the front of the State tax form, as 0.01 for 1%; 0.005 for 0.5% etc

What is a Collection Allowance?
Collection allowances are rebates which are deducted from the Tax you have to pay. They are available where the forms (and payments) are returned on time. This is currently 2.5% for both State and Counties. If this rate changes before the form is updated, you can enter the correct rate on the form. Should your return be late, then you lose the rebate and get charged an extra 10% of the tax due. This issue of the form assumes that all returns are not late.

I accidentally altered the Tax rates
Just select another county which will overtype the entries you made, and then re-select the correct county. Your tax rates will then be reset.

What figures do I enter?
The green section of the form is set out so that you can enter the name of the guest and the amount each guest paid.
The Guest Details are for your convenience only, in case you want to print the form for your records. You may choose to enter just one lump sum from all your guests and no names.
When dealing with guests it is quite normal for us to negotiate a deal or quote a price that is fully inclusive:
    "Right Mr Smith, thats $500 for the week, which includes Cleaning, Pool heating and all Taxes."
The amount you enter on the form for that guest is the full $500.
If you normally quote an amount and then ADD tax, it is the inclusive figure you have to enter.
As you enter the rental income for your guests, the tax is automatically calculated and displayed.

DO NOT type any $ signs.
DO NOT include any refundable deposit levied for surety against damage, even if some is kept back to pay for repairs.
DO NOT include any bookings made by your Management Company, as they should account for that tax on your behalf.
INCLUDE any charges you have made for late cancellation/alteration of booking.

I get error messages when I enter payments.
The form is designed to trap any invalid entries. These are examples of what you cannot enter:
$, , a-z, A-Z     In other words, anything NON numeric, including commas (thousands separator) but you can use a decimal point;
0120.65        Any entry starting with a zero, unless its a single zero on its own;
'Blank'          Each payment cell must have a single zero if no other amount is entered;
456.987       Any number with more than 2 decimal places (we dont deal with fractions of cents).

What currencies can I use?
The guest payments must be entered in US$. You must convert from any other currency to US$ before entering the amounts into the form.

Can I save or print the form?
There isnt any way at the moment that you can save or export the figures for later. You CAN print the form.
If you have the option, just print page 1 which should print the main form on a single sheet of A4.
You may need to adjust the page margins to ensure figures dont slip off the edge. In Internet Explorer, select File...Page Setup, and reduce the margins to suit your printer. I just set them all to 0 and that seems to work.

How much do I pay?
You dont have to pay me anything to use this form, as long as you are a bona fide member of Top-Forums. But you do have to pay the taxman his due.
Look for the cells labelled with 'Amount Due' . You should write checks to the State/County to the amounts in these boxes.

How secure is this form?
Very secure as long as no one is looking over your shoulder!
We dont save your data on your PC (e.g. in a cookie), on our website or anywhere else.
The inputs and calculations used here are non-persistent, that means next time you load this form it will be blank.