Florida Taxes Guide
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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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I am a licensed attorney in California. I worked as a Contract Manager for the State of California for 14 years, negotiating and developing contracts and grants funded by federal and state government. As a former owner of a real estate/property management company and real estate asset manager for corporations, non profit organizations and government entities, I negotiated sales and managements of industrial, commercial, and residential properties including development of contracts, leases, subleases, options, and sales agreements. As an attorney, I have worked on contracts, labor/employment cases, real estate, landlord/tenant and probate cases. https://myrnalimattorneyatlaw.com
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Timothy J.
Financial Services, Business, Corporate, Personal Injury, and Healthcare. I've represented fortune 100 companies and defended individuals in personal debt litigation. Wide breadth of experience, ready to assist.
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Greetings, I am a Miami based attorney, running a solo practice, looking to expand my reach and help some people out.
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Dennis W.
2008 - Present: Sole Practitioner – Dennis W. Winkler, P.C. Practice primarily in finance and business transactions, as well as commercial real estate transactions. Represent developers, investors, lenders, and businesses, in such matters as: corporate entity selection, drafting and negotiating complex asset purchase agreements, corporate mergers and sales, stock purchase agreements, and various other business contracts for closely related businesses. Involved in a variety of real estate developments, multi-family apartment buildings, construction and acquisition financing, commercial leasing, sophisticated workout transactions, joint ventures, and tax-deferred exchanges. Advise on tax and other savings incentives available to business owners and real estate owners in Illinois. Advise companies involved in related real estate activities such as sales, leasing, property management, brokerage, and construction. Tax experience that includes the representation of taxpayers in State and Federal controversies including: sales/excess tax disputes and responsible parties’ tax assessment protest. Additionally, Dennis has experience in the protest of real estate taxes of commercial and multi-family real estate. As a legal and business advisor, Dennis is committed to helping clients find, develop, and close deals that further their business objectives. Dennis regularly advises entrepreneurs and closely held businesses on matters incidental to their day-to-day business operations as well as their capital raising and start-up needs, corporate structure, private equity raises, and operating agreements. Much like general counsel, Dennis’s breadth of experience allows him to not only provide strategic planning and routine business transactional support to companies, but he also regularly advises on a number of unique issues facing companies by spotting issues and engaging specialists when needed, such as intellectual property, environmental, and bankruptcy counsel. As such, Dennis has been actively involved in sales and acquisitions of manufacturing companies, trucking companies, and logistics companies.
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