Taxes on Business Income in Florida

April 13, 2006

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Florida imposes an annual franchise tax on corporations, both foreign and domestic. It also imposes a tax measured by net income for the privilege of conducting business, earning income, or receiving income in Florida. Florida does not assess a tax on your personal income. What does this mean for you and your business? Basically, if you avoided the corporate level tax by operating as a noncorporate entity, you won't get hit with a personal tax on the business income that passes through to you. To determine which of these taxes applies to you, review the following topics: