Do S Corps Pay Quarterly Taxes?

Overview of S Corporation Taxes in Florida

• S corporations in Florida are subjected to a 6% sales tax and property tax.
• They pay federal and state income taxes, franchise tax, sales tax, employment tax, and property tax.
• However, S corporations avoid corporate income tax as income, losses, and deductions pass through to shareholders.
• Shareholders report business profits/losses on personal tax returns, resulting in lower overall taxes.

Formation and Tax Implications of S Corporations in Florida

• The cost to form an S corp in Florida ranges from $200 to $500.
• Both C corporations and S corporations are required to pay sales taxes, but S corporations bypass corporate income tax as pass-through entities.
• The corporate income tax rate for C corporations registered before 2019 was 5.5%, decreased to 3.535% from 2019 to 2021, and reverted to 5.5% in 2022.

Taxation and Reporting for S Corporations

• Shareholders report business profits/losses once on personal tax returns to avoid double taxation.