S-Corporation Income Tax

Florida recognizes the federal S-election, and Florida S corporations are not required to pay income tax to the state.

Must file F-1120 each year.

LLC/Partnership Income Tax

No income tax for LLCs, partnerships, or sole proprietors.

Must file Florida Partnership Information Return (F-1065) if one or more owners is a corporation.

C-Corporation Income Tax

First $50,000 of income after Florida adjustments to business income is not taxed. All income over that is subject to a 5.5% flat tax rate.

Form F-1120 must be filed, and taxes paid by the first day of the forth month after close of tax year OR the 15th day following the due date of the related federal return, whichever is later.

Corporate Franchise/Privilege Tax

None

Additional Information

If you’re doing business in several states, your business may be considered to have “nexus” with those states, and therefore may be obligated to pay taxes in those states. Also, if your business was formed or is located in another state, but generates income in Florida, it may be subject to Florida taxes. The rules for taxation of multistate businesses, including what constitutes nexus with a state for the purpose of various taxes, are complicated; if you run such a business, you should consult with a tax professional.

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