Get Fl F-1120a 2024-2025

All corporations (including tax-exempt organizations) doing business, earning income, or existing in Florida. Every bank and savings association doing business, earning income, or existing in Florida. All associations or artificial entities doing business, earning income, or existing in Florida.

Line 9 - Florida Exemption Section 220.14, F.S., exempts up to $50,000 of Florida net income. The amount of the exemption is the lesser of $50,000 or the Florida portion of adjusted federal income plus nonbusiness income allocated to Florida (Line 7 plus Line 8).

Corporations or other entities subject to Florida corporate income tax must file a Florida Corporate Income/Franchise Tax Return (Florida Form F-1120) unless they qualify to file a Florida Corporate Short Form Income Tax Return (Florida Form F-1120A).

Florida is a tax-friendly state that does not impose an income tax on individuals, and has a 6% sales tax. Corporations that do business in Florida are subject to a 5.5% income tax. However, LLCs, sole proprietorships and S corporations are, however, exempt from paying state income tax.

Corporate Income Tax Rate The Florida corporate income/franchise tax rate is reduced from 5.5% to 4.458% for taxable years beginning on or after January 1, 2019, but before January 1, 2021. The tax rate is further reduced to 3.535% for taxable years beginning on or after January 1, 2021, but before January 1, 2022.

The credit can range from $500 to $2,000 per qualified employee. The credit may be carried forward for five years. File an Urban Job Credit Program Application for Eligibility (Form UR-J) with the Florida Department of Economic Opportunity.

Corporate Income Taxes Corporations in Florida have two choices when it comes to the Florida business tax rate. You can use the federal income rate of 5.5% (temporarily reduced to 4.458% in 2021), minus exemptions and credits, or an alternative minimum Florida business tax rate of 3.3%.

Once your business is registered in Florida as a foreign corporation, you will be required to file an annual report. The cost of the annual report is $150, and is due by May 1 of the following year. Often, your Registered Agent will forward you the notice approximately 60 days before the due date.