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FLORIDA TAXES
Most Important.....there is
no state income tax!!!
But there are a few
other State Taxes:
Sales Tax
State Sales Tax of 7% 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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