florida_tax_issues_overview

florida_tax_issues_overview - Florida Tax Issues some...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Florida Tax Issues some basics of Florida taxes are summarized below: A. Individual income tax none (1 of 7 states Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming without an individual income tax (while New Hampshire only taxes portfolio income)). B. Corporate income tax the state taxes corporations at 5.5% (3.3% AMT). Honors an S election. Return is due the first day of the fourth month following year end. State tax year is the same as the federal tax year. Essentially piggybacks the Federal return. Florida taxable income = Federal taxable income +/ adjustments. Some common adjustments between Federal and Florida taxable income include: state income taxes not deductible, no NOL or capital loss carryback, foreign income taxes are deductible, a consolidation adjustment is available, federal interest is exempt while state interest is taxable, and a $5,000 exemption is allowed. C. Gift tax none. D. Estate tax Florida statutes specify that the Florida estate tax is equal to the amount of the federal credit for state death taxes. As the credit was replaced by a deduction after 2004, the Florida estate tax was effectively been repealed. As the credit was replaced by a deduction after 2004, the Florida estate tax was effectively been repealed....
View Full Document

This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

Ask a homework question - tutors are online