Does the Florida Corporate income tax (5.5%) apply to LLC's with S-corp filing status This is a online business and i am the only person involved. After much research it seems like LLC w/s corp election is my best method to save money on taxes, as my income will be over 100k a year. With that being said, getting taxed 5.5% by florida...Would also be no good. So i am confused.
On the florida DOR website it says
"A single member LLC, disregarded for Florida and federal income tax purposes, does not have to file a separate Florida corporate income tax return. However, the income of the company is not exempt from tax if a corporation owns the company, whether directly or indirectly. In this case, the corporation must file Form F-1120 reporting its own income, and the income of the single member LLC."
As the only member of a LLC the IRS classifies it as a disregarded entity, which should mean florida would also. Correct? Now if i opt for IRS form 8553 to be elect S corp filing status, does this change florida's view on whether i need to file for income tax?
Unless that last stipulation i noted, was actually put in to block exactly what i am attempting to do. Which now it kinda sounds like it. SO CONFUSING!!!
If a corporation owns the company whether directly or indirectly. What does that mean?
Called florida DOR myself and it seems if you form an LLC and file as an S-CORP you do not have to file the florida 1120.
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