Florida Tax Information
Want more information about Florida state taxes? Read on.
Who Pays Tax in Florida?
Florida Income Tax:
Just like the federal government, most states impose additional income taxes on your income if you have a sufficient connection to the state. Florida is not one of them. In fact, in Florida, you don’t pay any Florida income tax.
Florida Sales Taxes:
Florida levies a 6% general sales tax. Certain items have a different rate including amusement machine receipts, leasing commercial real property, and electricity. Many Florida counties also impose an additional sales surcharge on most transactions. For certain transactions, the first $5,000 of the purchase price is subject to county sales surtax.
Personal and Real Property Taxes:
If you purchase a home in Florida, property tax is levied and paid at the county level and is based on the “just” or fair market value of the property. Learn more about property taxes in Florida.
Personal income tax, intangible assets such as stocks, bonds, and mutual funds are not taxed by Florida.
While individuals do not have to pay Florida income tax, corporations may have a corporate income tax obligation. In fact, Florida imposes a 4.458% corporate income tax for tax years beginning between Jan. 1, 2019 and Dec. 31, 2021.
Taxpayers are required to file Florida corporate income tax returns electronically if they were required to file federal income tax returns electronically, or if $20,000 or more in Florida corporate income tax was paid during the prior state fiscal year.
View more information about who files corporate tax in Florida.
When Are Florida State Tax Returns Due?
Because Florida doesn’t tax personal income at the state level, you do not have to complete a Florida state income tax return as an individual.
Florida corporate tax returns (Form F-1120) are due the later of:
|For tax years ending June 30, the due date is on or before the 1st day of the 4th month following the close of the tax year; or
|For all other tax year endings, the due date is on or before the 1st day of the 5th month following the close of the tax year (e.g., Florida Form F-1120 is due by May 1, 2020, for a taxpayer with a taxable year end date of December 31, 2019).
|The 15th day following the due date, without extension, for the filing of the related federal return for the taxable year.
Deducting Florida State Tax
Because you don’t pay Florida personal income tax, you will not be able to claim a deduction for paying state taxes on your federal tax return. When you pay tax to other states, you can claim a state income tax deduction if you itemize deductions on your federal return. Due to the Tax Cuts and Jobs Act, state and local tax deductions, including state income taxes, are limited to $10,000 per year.
However, if you are filing the Florida state corporate income tax, then consult a tax professional to see what deductions you may have available.
More Help With Florida State Tax Obligations
Understanding your Florida tax obligations can be confusing. While individuals may not have to pay Florida income tax, many businesses do.
You can always get help from a tax professional. In fact, you can use H&R Block Virtual! With this service, we’ll match you with a tax pro with Florida tax expertise. Then, you will upload your tax documents, and our tax pros will do the rest! We can help with your FL taxes, including federal deductions for paying state taxes.
Prefer a different way to file? No problem – you can find Florida state tax expertise with all of our ways to file taxes.
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