Florida Taxes Guide
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Overview of Florida Capital Gains Tax
Florida capital gains tax isn’t levied on asset profits. Individuals pay capital gains taxes to the federal government. You only pay them on realized gains upon sale.
Federal capital gains taxes apply to:
- Stock market stocks
- Asset appreciation
- Real estate sales
- Other securities
Florida estate planning lawyers help individuals maximize their wealth through tax planning on end-of-life affairs. They can also help you avoid common financial mistakes.
Capital Gains Tax Rate
Florida’s capital gains tax rate depends upon your specific situation and defaults to federal rules.
Individuals and families must pay the following capital gains taxes
- ncome up to $40,400 single/$80,800 married: 0 percent
- Income over $40,400 single/$80,800 married: 15 percent
- Income over $445,850/$501,600 married: 20 percent
- Unrecaptured Section 1250 gains: 25 percent
- Collectibles: 28 percent
If you own a business, business tax rates will apply. Currently, Florida’s business tax rate is 5.5 percent, with exemptions for passthrough entities.
Federal Cap Gains Tax vs. Florida Cap Gains Tax
The Florida state tax on capital gains stems from the federal tax code as enforced by the IRS. Since Florida doesn’t have an individual income tax, it means there’s also no state-specific capital gains taxes.
Compliance with Florida Capital Gains Tax
Florida capital gains tax compliance is unnecessary since the state doesn’t charge a separate capital gains tax. However, the IRS will expect you to pay capital gains taxes on applicable returns with your regular taxes.
Capital Gains Tax Calculator
A Florida capital gains tax calculator will help you estimate and pay taxes based on your situation. You can use a capital gains tax rate table to manually calculate them, as shown above.
For example, if a person earns $50,000 per year and earns a capital gain of $1,000, they will have to pay $150 in capital gains taxes to the IRS.
Filing & Paying
Filing and paying Florida capital gains tax isn’t necessary since Florida doesn’t have state-specific rules. However, you must send federal capital gains tax payments to the IRS. You must use Schedule D on Form 1040 when calculating and making a payment.
Other Florida Taxes
Other taxes in Florida apply to your earnings and losses. Specific deductions and tax cuts may apply also. You should plan your taxes carefully to maximize your opportunities.
Florida estate planning lawyers offer business-friendly legal advice on how to avoid overpaying on capital gains and employer-related taxes
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George Oggero is a down-to-earth lawyer who understands that his clients are human beings. He is a lifelong Houston resident. He graduated from St. Thomas High School and then Texas A&M University. He obtained his Doctor of Jurisprudence from South Texas College of Law in 2007. He is experienced in real estate, criminal defense, civil/commercial matters, personal, injury, business matters, general counsel on-demand, and litigation.
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My clients are often small and medium size technology companies, from the "idea" stage to clients who may have raised a round or three of capital and need to clean up a messy cap table. I help with all legal matters related to growth that keep founders up at night - hiring people, allocating equity, dealing with shareholders and investors, client negotiations and early litigation counseling (before you need a litigator). I've seen a lot, and because I run my own business, I understand the concerns that keep you up at night. I’ve been through, both on my own and through other clients, the “teething” pains that will inevitably arise as you scale-up – and I’m here to help you. I have over 20 years international experience devising and implementing robust corporate legal strategies and governance for large multinationals. I now focus on start-ups and early/medium stage technology companies to enable a sound legal foundation for your successful business operations. Many of my clients are international with US based holding companies or presences. My 17 years abroad helps me "translate" between different regimes and even enabling Civil and Common Law lawyers to come together. Regularly, I handle early stage financings including Convertible Notes, Seed and Series A/B financings; commercial and technology contracts; international transactions; tax; mergers and acquisitions.
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Michael B.
Michael has extensive experience advising companies from start-ups to established publicly-traded companies . He has represented businesses in a wide array of fields IT consulting, software solutions, web design/ development, financial services, SaaS, data storage, and others. Areas of expertise include contract drafting and negotiation, terms of use, business structuring and funding, company and employee policies, general transactional issues as well as licensing and regulatory compliance. His prior experience before entering private practice includes negotiating sales contracts for a Fortune 500 healthcare company, as well as regulatory compliance contracts for a publicly traded dental manufacturer. Mr. Brennan firmly believes that every business deserves a lawyer that is both responsive and dependable, and he strives to provide that type of service to every client.
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John H.
John Daniel "J.D." Hawke is an experienced attorney with a law practice in Mobile, Alabama. He was born in Fairhope, Alabama and after earning his undergraduate degree at Auburn University, he received a law degree from Thomas Goode Jones School of Law in 2010. After law school, he formed the Law Office of J.D. Hawke LLC and over the last decade he has fought incredibly hard for each and everyone of his clients. His practice focuses on representing people facing criminal charges and clients dealing with family law matters. In addition to criminal defense and domestic relations cases, he also regularly handles contract disputes, personal injury cases, small business issues, landlord/tenant disputes, document drafting, and estate planning. He is licensed to practice law in the State of Alabama and the United States District Court for the Southern District of Alabama.
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