Florida is called the Sunny State, however, her second name could be something like “Nizkonalogovyj”. Firstly, Florida is the only State in the United States in the East of the country (East of Mississippi River), where there is no income tax (seven such States). Secondly, the sales tax here is almost at the level of the average American. Of course, there are some types of taxes, such as tax on gasoline or alcohol, which strongly higher compared with those in other States, but they don’t make “weather” If you posmatrivaete at Florida as a place to start their business in the United States or the founding of the American company.
As you already know, most likely taxes on corporations in the United States can be divided into three levels:
- Federal taxes
- State taxes
- Local taxes.
Federal taxes are the same for all corporations in all States in the United States. Taxes paid from the net profit. Income minus consumption = net profit.
These regulators business are States, whereas business regulation at the federal level to the minimum. Each State has its own corporate legislation which is often very different from State to State. And lawyers and Certified Accountants (CPA) are most often specialize in one particular State, but in order to legally work for each State they need to pass exams and get a license (which, again, applies to a specific State).
In this paper we will focus on the specifics of Florida taxes, without a goal to give comprehensive information, which, however, seems unlikely, given that United States tax law is pretty tough, about 11 thousand pages, each year there are changes (changing around 3% of normative documents regulating the payment of taxes).
Corporate income tax
Reporting thereon must file all corporations registered in Florida.
It is calculated using federal taxable income, which is modified under certain amendments of the State of Florida to determine confirmed federal income.
Corporations that conduct business outside the State can proportionally reduce the size of taxable income. To do this, use a special formula to calculate the percentage of the taxable income of the Corporation in addition to the earnings of the Corporation you must add your other nebiznesovye income in Florida.
In General, the taxable base for the calculation of corporate income tax can be reduced by $ 50.000. Further, 5.5% of this base and will be directly the size of this tax.
As we have already said, the personal income tax in Florida is not, which is one of the advantages of this State.
Sales tax in Florida is 6%. In addition, some counties also collect own
trade taxes, which typically range from 0.5 to 1.5%, which means that actual sales taxes may be in some cities up to 7.5%. However, the average sales tax in Florida is 6.62%, Florida is located on the 29-th place among all States. It is also worth noting that at the urban level sales taxes in Florida no (which cannot be said of California, for example).
Although most consumer goods are subject to sales tax accrual, however, the majority of foodstuffs and medicines, by contrast, are not subject to tax data.
By the way, as in most States, in Florida you must also pay the so-called tax for use. This means that if you bought the product outside the State and have not paid tax for it when buying, you must declare it in the Department of Revenue in Florida (Sales and Use Tax Return).
Real estate tax
The average effective tax rate on property in Florida amounts to 1.1% of the market (estimated) value of the object. Largest state of the tax is on the 19-th place on the United States.
Real estate tax-is the only one who uplačaivaetsâ at the district level, which may vary depending on the location of your property. So, in the County of Miami-Dade County, for example, the effective tax rate-1.27% of the appraised value of the home. This means that, for example, if your home is valued at $ 300.000, each year you will need to pay with him $ 3.810 tax.
High taxes in Florida
Florida also collects a special tax on the use of the services of telephony, Internet and television. Tax is 9.17% of these consumer services pays 6.65%, else directly pays the service provider. Satellite communication services in Florida are subject to even greater tax-10.8%.
In addition, Florida has one of the highest in the United States on fuel tax rates. So state residents pay tax for each cent 36.42 a gallon of gasoline. Also high taxes on beer (9-th largest in United States) and alcohol (19-th largest in the United States). As far as this is critical to open company/doing business in this State for you-you decide.
By the way, with Florida year December 31, 2014 no inheritance tax, and this is what adds bonuses to this State.