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Business Toolbox
Taxes
Learn the basics of federal and state taxation.
State
Florida Corporate Income Tax
Due: April 1 (if the business’s fiscal year corresponds to the calendar year)
If the business has zero tax or owes less than $2,500 in tax, it may file the short form, F-1120A.
Limited liability companies classified as a corporation for federal tax purposes must file a Florida corporate income tax return. Limited liability companies that are classified as partnerships for federal tax purposes are required to file a Florida Partnership Information Return (form F-1065) if they are doing business in Florida and one or more of their owners are corporations. In addition, the corporate owner of an LLC that is classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income tax return.
S-corporations in Florida usually do not have to file a Florida corporate income tax return unless there is federal taxable income.
Florida Unemployment Tax
Due: Jan. 31, April 30, July 31, Oct. 31
The initial tax rate for new employers is 2.7% for the first 10 calendar quarters (or in some cases 11 quarters), at which time the business will receive a computed tax rate. The maximum tax rate allowed by law is 5.4%.
In 2010, unemployment taxes must be paid on the first $7,000 of wages paid to each employee. The minimum tax per employee is $25.20 and the maximum tax per employee is $378. Because of high unemployment, the state’s unemployment trust fund ran out of money in August 2009 and Florida began borrowing from the federal government. In order to rebuild the trust fund, the amount of wages subject to the tax and tax rates both increased at the beginning of 2010. In March, however, Gov. Charlie Crist signed an unemployment tax relief bill for employers, making the rates above retroactive to Jan. 1.
Taxes are paid quarterly on form UCT-6 to the Florida Department of Revenue. If all of an employer’s employees perform domestic services exclusively and the employer is eligible for an earned tax rate, the business may select an annual filing option.
Florida Sales and Use Tax
Due: First day of the month
Florida Discretionary Surtax
(Local Option)
Due: First day of the month
In 2010, 58 of Florida’s 67 counties impose sales surtaxes. For details, go to myflorida.com/dor and download form DR-15DSS.
Use Tax on
Out-of-State Purchases
Due: First day of the month after the quarter
in which purchase was made
Florida Tangible
Personal Property Tax
Due: April 1