Features of paying taxes in Miami

Florida is commonly known as a state with an overall low tax burden. It is one of seven states in the United States where there is no personal income tax, which makes it a very attractive state for transit organizations such as LLC.

The state sales tax is the middle of the road tax on rented or purchased goods at 6%. This excludes things like food and medicine. Corporations in Florida must file a corporate income tax return, but at a low maximum rate of 5.5%.

“There is no state income tax in Florida or some other business taxes that may arise in other states,” said Robert Livingston, president and founder IdealCost.com .

Some business owners are forced to leave their business to move to Florida because of tax benefits. Daniel Digaimo, CEO of Baker Street Funding, is currently moving the company from New York to Florida specifically to reduce their tax burden.

“[One of the reasons we’re moving to Florida] is tax breaks,” Digaimo said. “Moving from a city with one of the highest tax rates in the country to a state without state tax is a huge saving both personally and professionally.”