Florida LLC Tax Filing Requirements
LLC in Florida is not required to file a tax return. Its income passes through to its members, who subsequently pay individual income taxes on their shares. For this reason, there are no tax return filing requirements for LLCs in Florida. However, LLCs can be treated as other business entities such as Corporation, Partnership, or Sole proprietor for tax purposes.
Tax Benefits of an LLC in Florida
The tax benefits of an LLC in Florida are: the LLC is exempt from state taxes, members can determine their tax status at the federal level, and the IRS treats LLCs as disregarded businesses for tax reasons.
State Taxes for LLCs in Florida
- In the state of Florida, you will only have to pay sales tax to the Florida Department of Revenue.
- Depending on how your business is set up, you may also be expected to pay use tax or corporate income tax.
Florida S Corporation Tax Filing Requirements
- Form an S Corporation in the state of Florida.
- Submit Form 2553 to the Internal Revenue Service (IRS).
- File an annual report by May 1st with a filing fee of $150.
- Depending on the company’s annual net income, pay franchise taxes to the state of Florida by specific deadlines.
- Shareholders receive a Schedule K-1 from the S corporation.
Florida LLC Tax Return Filing Requirements
LLC in Florida is not required to file a tax return.