Florida Corporate Tax

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Overview of Florida Corporate Tax

Florida corporate tax is levied for the privilege of engaging in the state’s commerce and tax nexus. Corporations and other business entities must pay Florida corporate taxes.

Here’s a business-friendly web page about Florida’s corporate tax.

Corporate Tax Rate

The current corporate tax rate in Florida is 5.5 percent. However, not every entity must pay corporate taxes. A sole-proprietorship or LLC is generally exempt from paying corporate taxes on wages.

C-Corp Rate

The Florida C-corp tax rate is 5.5 percent, which is the same as the Florida corporate tax rate.

S-Corp Rate

An S-corp, also called a pass-through entity, is exempt from paying corporate taxes unless federal it owes federal income taxes.

Compliance with Florida Corporate Tax

Florida corporate tax compliance involves filing your taxes with the Florida Corporate Income Tax Return, Form F-1120. You must also have a valid social security number, employer ID number, or individual taxpayer identification number.

Corporate Tax Calculator

A Florida corporate tax calculator will help you estimate and prepay your tax payments. It’s a straight-line equation.

Here’s how you calculate Florida’s corporate tax:

  • Step 1: Tax your total revenue
  • Step 2: Multiply your revenue by 0.05
  • Step 3: The result is your corporate tax bill

Other exemptions and deductions may offset your employer-related taxes. You can also take advantage of tax cuts for corporations, when available, to achieve this goal as well.

Filing & Paying

Filing and paying corporate taxes in Florida is typically completed electronically when you are required to file a federal income tax or if you paid more than $20,000 in corporate taxes the preceding year. Ensure you make a payment online by the deadlines listed on the Florida e-Services Calendar of Electronic Payment Deadlines.

Here’s an article about Florida corporate tax deadlines.

Other Florida Business Taxes

Florida business taxes will vary according to your specific business situation. You should plan ahead to avoid future surprises.

Other business taxes in Florida will apply to operating a corporation, such as the following:

  • Employment tax
  • Capital gains tax
  • Social security
  • Medicare
  • Other taxes

There are specific provisions within any of these programs, tax deductions, tax cuts, and more. Florida corporate lawyers can help you handle the legal details.

You can also see this article for more information about Florida’s business taxes.

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