Every Florida corporation is required to pay state taxes in addition to their federal tax burden. In Florida, this tax is called a Franchise Tax, and it is levied on all corporations, whether they are “franchises” or not.
Florida corporations file a Florida Corporate Income/Franchise Tax Return (Form F-1120). This is filed with the FL Department of Revenue. The tax due date depends upon your corporation’s tax year. Generally, corporate tax in Florida is due on or before the first day of the fourth month following the close of your corporate tax year.
The tax is currently set at 5.5% on net income. Net income is considered to be your total income after a $50,000 exemption allotted by the State.
If your Florida corporation owes more than $2,500 in income tax annually, you are required to make estimated tax payments using the Declaration/Installment of Florida Estimated Income/Franchise Tax (Form F-1120ES). Estimated payments are due in four installments on the following schedule: Last day of the fourth month; last day of the sixth month; last day of the 9th month; and the last day of your tax year.
For corporations owing more than $20,000 in tax, forms and tax must be submitted and paid online.
As your Florida registered agent service, we will receive regular tax notifications from the Department of Revenue on your behalf. These notices will be sent to you.
Note: Sunshine Corporate Filings LLC is not a tax adviser, and nothing on this page should be construed as tax advice.