Personal income tax is a government tax on individuals that varies based on their taxable income. Generally, taxable income is determined by taking a person’s total income and applying deductions. In Florida, there is not a state income tax collected in conjunction with the federal tax collected by the IRS.
Unlike many other states, Florida also does not impose inheritance taxes, gift taxes, or taxes on intangible personal property. Florida makes up for the lack of income tax through relatively high property (levied at the local, not state, level), sales, and corporate taxes. Florida imposes the following taxes within the state:
-Sales Tax: The state sales tax is 6 percent. It is calculated for each retail sale and admission charge and certain other services at the time of purchase or use. Counties may also impose a sales surtax on top of the six percent tax. Those county taxes can range from a quarter percent to two and a half percent.
-Use Tax: A use tax is a tax on property that is bought out of state and brought into Florida within six months of purchase. The use tax is also assessed at six percent of the purchase price. Certain property is exempt from this tax, however.
-Property Tax: If you own property in Florida, the county assessor will appraise the value of your property annually to determine the amount of property tax you owe. This tax is collected each year by the county tax collector unless exceptions apply.
-Corporate Tax: Most corporations, banks, and other business must pay a state corporate tax. The corporate tax is similar to a personal income tax for individuals and is based on federal taxable income after making applicable adjustments.
Get Legal help with your Federal Tax Filing
Florida's tax laws are often changing and confusing for many consumers. There are many variables that determine the amount of tax Floridians pay each year, although the state does not collect taxes on personal income. If you have questions about your federal tax return or the applicable laws, contact The Tancredo Law Firm today. Our experienced attorney can answer questions about your tax rights or responsibilities.
The Tancredo Law Firm has assisted hundreds of individuals with their Florida Federal Tax Filings over the past 20 years.
Our experienced attorney and staff are standing by to help with your case. Feel free to reach out so we can begin working to find the best plan for you.
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