As throughout the country, taxes in Florida must be paid to state and federal budgets. The federal and corporate tax rates are 21% and 5.5%, respectively.
The amount is calculated based on the profit that the company received from its business activities.
Business owners who choose Florida have the right to receive preferential tax treatment. Deductions may include:
- initial costs;
- travel and transport expenses;
- fees for working with banks, lawyers and accountants;
- insurance and rental costs;
- overheads.
Florida is so popular among entrepreneurs precisely because of its favorable tax conditions, as well as its corporate tax rate, which is lower than in other states. You can optimize costs by fully complying with the requirements of the law and without resorting to any “gray” schemes.
