Florida Taxes Guide
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Overview of Florida Business Tax
Florida business tax, also called income tax, capital tax, or corporate tax, is levied by the state. It’s based on a percent of capital or income generated by a company. Like other taxes, filers can claim deductions, exemptions, and business-friendly tax cuts.
Let’s take a closer look at Florida’s business tax rates:
Business Tax Rates
Florida’s business tax rates vary according to the entity paying them. The business tax rate is currently 5.5 percent.
LLC
Florida doesn’t impose a business tax rate on limited liability companies (LLCs).
S-Corp
Florida doesn’t impose a business tax rate on S-Corps.
C-Corp
Florida C-Corps pay a business tax rate of 5.5 percent.
Partnerships
Florida doesn’t impose a business tax rate on partnerships.
Sole Proprietorships
Florida doesn’t impose a business tax rate on sole proprietorships.
Here’s an article that covers Florida business tax basics.
Federal Business Tax vs. Florida Business Tax
Federal business tax versus Florida business tax is much different. Florida businesses not only pay a 5.5 percent business tax to the state, but they also pay 21 percent to the IRS, for a total bill of 26.5 percent on profits and capital gains.
Here’s a web page on paying federal tax and state tax.
Compliance with Florida Business Tax
Florida business tax compliance is enforced by the Department of Revenue.
Business Tax Calculator
A Florida business tax calculator, also known as an income tax calculator, is helpful when paying your taxes. You can determine your payment or tax estimations quickly.
You can also use the following business tax calculator formula:
- Step 1: Take your taxable profits and gains number
- Step 2: Multiple this number by 0.05 percent
- Step 3: This number is your business tax
Filing & Paying
Filing and paying Florida business tax requires corporations to file a Florida Corporate Income/Franchise Tax Return (Form F-1120). You must return your form and payment electronically if you file your federal taxes electronically. Otherwise, you can return them to Florida’s Department of Revenue by mail.
Here’s a web page about IRS tax compliance.
Other Business Taxes
Other business taxes in Florida may require companies operating out-of-state to pay Florida business tax. Businesses based outside of Florida may also have to pay business and employee-related taxes. Speak with tax lawyers to help you understand your options when paying taxes for small businesses.
Here’s a web page about Florida’s other business taxes.
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Connie C.
Connie Chadwick presently focuses her law practice in Tennessee on flat fee legal services which commonly include family court settlements such as divorces, child support orders, custody agreements; contracts; business formation services; and estate plans. Connie is also a Tennessee licensed residential general contractor with over fifteen years of experience in the construction field. With both legal and construction experience, Connie is a logical choice for contractor disputes. Connie earned her Doctorate of Jurisprudence from The Nashville School of Law after earning her Bachelor of Science in Accounting and Finance from Lipscomb University. www.conniechadwicklaw.com Connie Chadwick is recognized by peers and was selected to SuperLawyers Rising Stars for 2017 - 2023. This selection is based off of an evaluation of 12 indicators including peer recognition and professional achievement in legal practice. Being selected to Rising Stars is limited to a small number of attorneys in each state. As one of the few attorneys to garner the distinction of Rising Stars, Connie Chadwick has earned the respect of peers as one of the top-rated attorneys in the nation.
"Connie was a pleasure to work with and provided thorough legal advice that I was able to make actionable decisions on. Thank you Connie!!"
David W.
David provides legal representation with flat fee pricing for services in many practice areas including Business Law, Local Government, Contracts, Estate Planning, and Trademarks. His legal expertise is complemented by a diverse background as a former stockbroker and registered investment advisor, treasurer of a $1 billion+ non-profit, and elected county official. David H. Williams Law, PLLC is committed to providing expert legal services at a flat fee, making specialized legal counsel more accessible and affordable. Reach out to today to schedule a complimentary consultation to see if David's diverse skill sets are a fit for you or your organization's legal needs. https://davidhwilliamslaw.cliogrow.com/book https://davidhwilliamslaw.com/
"David was very helpful in answer my questions. He went above and beyond to inform me on my real estate inquiries and have provide valuable recommendations."
Maria A.
Maria Akopyan is a dedicated family law attorney with a focus on marital agreements (prenuptial, postnuptial, and cohabitation agreements) as well as uncontested and default divorces. As the founder and principal attorney at Sapphire Legal Solutions, APC, Maria is committed to providing compassionate, efficient legal guidance through some of life’s most challenging transitions. Whether you’re navigating an amicable divorce or seeking a marital agreement, Maria offers personalized legal solutions that are uniquely tailored to your needs. With her extensive knowledge of family law, she works tirelessly to protect your rights, advocate for your best interests, and guide you empathetically toward a positive resolution. Maria understands the emotional complexities involved in family law matters. She strives to make the legal process as smooth and supportive as possible, ensuring that your family's well-being is safeguarded every step of the way. Trust Maria to be your reliable advocate, helping you find the best legal path forward for you and your loved ones. Let’s work together to resolve your legal matters with care, clarity, and confidence.
"Maria was friendly quick to respond, and clearly answered my questions. Thanks again, Maria!"
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James S.
Education Jim Schroeder holds multiple degrees from several institutions. He received his Juris Doctor from Rutgers School of Law in Camden New Jersey. He also earned two additional Master’s Degrees from Asbury Theological Seminary in Wilmore, Kentucky and United Theological Seminary in Dayton, Ohio. In addition, Schroeder has done graduate work in Public Sector Labor Relations and American History at Rutgers University and Nonprofit Leadership at Duke University. Jim Schroeder was admitted to the New Jersey Bar Association in 2008; the District of Columbia Bar Association in 2010; the New York State Bar Association in 2014; and the Ohio Bar Association in 2020. He is also admitted to the Federal Courts of Southern New Jersey and Southern Ohio.
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Julius T.
With 20 years of law practice experience, Julius is an accomplished and experienced attorney. Julius provides counsel to individuals, businesses, churches and other nonprofits, ministry leaders, and entertainment and creative artists on matters involving drafting, reviewing, and negotiating contracts; corporate formation and governance; real estate transactions; information technology; employment and human resources concerns, and last wills and testaments. A graduate of Emory University and the University of Georgia School of Law, Julius has notably served as counsel to the Georgia General Assembly (Georgia House of Representatives and Georgia State Senate) and the City of Atlanta / Hartsfield-Jackson Atlanta International Airport. Julius is also a licensed Realtor® and a native Atlantan.
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