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Taxations of Florida LLCs

Any corporation doing business in the state of Florida pays an annual fee to the Secretary of State. It also remits to the state use taxes on its physical property located in Florida, sales taxes owed by its customers, fees for any licenses it holds (for instance, a travel agency license), and an income tax based on what it owes to the federal government (meaning that for an S Corporation, there is no income tax), however, limited liability companies are currently burdened by a tax that is calculated as though they paid federal income tax (this and their higher formation and maintenance costs limits the latter’s attractiveness). Every year on May 1st, you have to file the annual report.