Florida tax notes

No personal income tax

Florida doesn't tax personal income. A Florida resident files a federal return only: there's no Florida individual return, and no state estimated tax payments for individuals. Pass-through business profit (a sole proprietorship, an LLC, an S corporation) generally isn't taxed at the state level either.

New to Florida, or here for the winter?

The year you move here can still mean a part-year return for the state you left, and a rental or a job up north can mean a nonresident return there every year. I prepare those alongside your federal return: simple states from $50, more complex states up to $100 (see the fee schedule).

Every Florida LLC and corporation files an annual report

• The annual report is filed on Sunbiz by May 1 each year, even when nothing changed.
• File after May 1 and the state adds a $400 late penalty. Leave it unfiled and the state can administratively dissolve the entity, which is a headache to reverse.
• Every entity also keeps a registered agent. I can be yours and file the annual report for you: $85 a year plus the $150 state fee. More on entity setup and Sunbiz.

C corporations do pay Florida tax

A C corporation pays Florida's 5.5% corporate income tax on income over $50,000, and must file Form F-1120 every year, even when no tax is due. A calendar-year corporation that owes it makes estimated payments by April 30, June 30, September 30 and December 31. The business structure guide compares the choices side by side.

Sales tax and employer taxes

State tax payments in Florida apply mainly to businesses: sales tax, corporate income tax and reemployment (employer payroll) tax. Register before you collect sales tax, and file and pay online with the Florida Department of Revenue:

• Florida business tax registration (opens in a new tab)
• Florida Department of Revenue: file and pay (opens in a new tab)
• Sunbiz: search, manage or register a Florida business (opens in a new tab)

I also represent businesses before the Florida Department of Revenue: sales-tax audits, reemployment tax and state notices. See IRS and state representation.

Hurricane season: protect your records

Atlantic hurricane season runs June 1 through November 30, and down here that's not a hypothetical. Take twenty minutes to protect what you'd need if a storm hit: keep digital copies of your tax returns and key documents somewhere off-site or in the cloud, secure the paper originals, and photograph or video your home, valuables and business equipment.

Those photos matter. If a federally declared disaster causes damage, that documentation is what supports a casualty-loss deduction. When a disaster declaration is issued for our area, the IRS typically grants automatic extensions for filing and payment, and I let clients know if and when that happens.