Filing Your Florida State Taxes 2015 – 2014
It is tax season again! Figuring out and filing your tax forms can be intimidating – but there is help. Here you will find answers, forms and more that will make your paperwork easier, faster and less stressful. The information below will help you determine your residency status, find the correct forms you need and give you other information you want to get started.
State income tax returns for 2015 are due April 15.
Your Option in Online Tax Software 2014
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Taxes in Florida
Florida has sunshine, Florida has beaches, and Florida has Disney World and the Epcot Center. Because of that, Florida residents don’t have to pay state income taxes, they can let the tourist do it for them. Although Florida is very kind in the income tax department, they do charge corporate taxes and property taxes. And to make sure they don’t miss out on any revenue from sales, they charge use tax on purchases made in states with no sales tax.
If you purchase a home in Florida you will be subject to an annual ad valorem tax based on the taxable value of the property. This tax is levied by your county tax collector. Certain home-owners may qualify for a $25,000 homestead exemption. Contact your local tax authority for more information.
Florida charges a 6% sales tax on all purchases. If you purchase goods out of state and do not pay sales tax at the time of purchase, you are required to pay a use tax to Florida. Use tax is due within 6 months of the purchase date. This includes purchases made online, via mail order catalog or on the phone. Items used for at least 6 months in the state of purchase are not subject to Florida use tax.
Corporate entities, real or artificial, that do business and earn income in Florida (even if the corporation is out of state) are subject to a corporate income tax. Individuals, estates of decedents, testamentary trusts and sole proprietorships are exempt from corporate income taxes.
The amount of taxes a corporation owes is based on the federal taxable income, with any modifications from Florida adjustments and deductions.
To file a corporate income tax return, file form F-1120 (Florida Corporate Income/Franchise and Excise Tax Return).
You may also be eligible for a few corporate tax incentives or community contribution tax credits.
Would you like to have your taxes prepared for free? Online Florida state tax preparation 2015 – 2014 software offers the option to prepare your own taxes online and e-file your tax returns, often for free. Have you considered preparing your taxes yourself, but were concerned about making an error? If your tax return is basic and you can follow the step by step instructions offered by online tax preparation software, you should consider this money saving option!