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FLORIDA TAXES
Most
Importantly, There is NO
State Income Tax!
But there
are a few other State Taxes that include:
Sales Tax
State Sales Tax of 6% and some counties levy additional
sales tax. Food, medicine and professional services are
exempt from sales tax.
Tangible Tax
Florida's tangible tax is applied to all business
personal property and includes anything used in the
business except real estate. All individuals, firms and
corporations, that lease, manage, or have control of any
tangible personal property are required to file a return
before April 1st of each year. A penalty of 10 percent
is assessed for failure to file a return.
Intangible Tax
In 1931, in order to raise revenue the state legislature
enacted its first tax on intangible personal property.
The most common assets reported on an intangible tax
return would be corporate bonds, stocks, mutual funds,
brokerage money market accounts and regularly listed or
traded limited partnership interest. If you're not sure
whether an asset is taxable, you should check with your
tax adviser or broker.
The following items are exempt from intangible tax:
Cash, CD's, annuities, IRA accounts, US Government debt
obligations, obligations issued by the State of Florida,
its counties, municipalities, or taxing districts, Bank
Money Market accounts, Notes secured by a lien on real
property, interest in a general partnership, interest in
a limited partnership not registered with SEC and
Franchises.
The tax is assessed at the
rate of one mill or $1.00 per $1,000.00 of valuation,
based on the value of your assets beginning January 1 of
each year. If the value of your stocks and bonds is
more than $100,000.00 an additional one mill for a total
of $2.00 per $1,000.00 of valuation is assessed for
amounts exceeding $100,000.00. But, if your stocks,
bonds and securities are valued at $20,000.00
($40,000.00 for a couple filing jointly) or less on
January 1, you do not pay any intangible tax for that
year.
The tax is delinquent if
not paid by July 1 and returns must be filed by June
30th. Mail your payment directly to the Florida
Department of Revenue, Carlton Building, Tallahassee,
Florida 32304. For more information, call the
Department of Revenue at (904) 487-4215.
Note:
Check with a professional Certified Public Account on
all tax questions.
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