Florida income tax? - GoFuckYourself.com

Jakke PNG · 08-16-2003, 05:04 PM

I had this on my apartments thread, but since I'm soon hitting the sack, I'd like to hear some comments before I go...

Quote:

Originally posted by TeenGodFather
Wtf...

"Florida does not have a personal income tax. Florida imposes a tax on artificial entities such as corporations and Limited Liability companies, but doesn't impose an income tax on individuals."

If I have a 1 man operation in florida.. I don't need to pay taxes? Can someone give me that in plain simple finnish? English will do too... but so that I understand it.

Now...
wtf?
What if I have a corporation in Finland that pays me a monthly salary (my own), I don't have to pay taxes on that either? The monthly salary that is, not the company. I would naturally pay corporate taxes in finland..

So, can someone please shed some light on taxing in Florida?

Rictor · 08-16-2003, 05:06 PM

State income tax is small potatos anyway. It's the feds that take 30% of your income.

GFED · 08-16-2003, 05:07 PM

IRS charged me a shitload of taxes... I have to see my accountant Monday and get it fixed...

BTW, I'm registered as a Sole Proprietor business.

Jakke PNG · 08-16-2003, 05:08 PM

Quote:

Originally posted by Rictor
State income tax is small potatos anyway. It's the feds that take 30% of your income.

Ok.
Now, is it stable 30% or does that change depending on your income?

GFED · 08-16-2003, 05:09 PM

Quote:

Originally posted by Rictor
State income tax is small potatos anyway. It's the feds that take 30% of your income.

Yeah... 1/3 of it... TAKEN... fucked... I don't need SS... bleh... won't live that long...

sextoyking · 08-16-2003, 05:09 PM

S-Corp will save you alot of money

-------------

BTW, I'm registered as a Sole Proprietor business.

crockett · 08-16-2003, 05:09 PM

yea FL dosn't have a state tax, other than sales tax ... but you still pay the fed income tax... for my day job here in FL, I pay out on adverage of $300 a week in Fed taxes.

Theo · 08-16-2003, 05:11 PM

what if you register an nevada corp. Do you still have to pay high Fed taxes? I'm not familiar with us taxes :/

TheSaint · 08-16-2003, 05:43 PM

Quote:

Originally posted by Soul_Rebel
what if you register an nevada corp. Do you still have to pay high Fed taxes? I'm not familiar with us taxes :/

No, it makes no difference what state you incorporate in. In another state you must register as a "foreign" corporation and pay state taxes if you are domiciled there.

Most small corporations pay no taxes though, mine don't. That is because you have little net profit - all the proceeeds flow through to the owners as salary.

In most states unless you have brick and morter assets in excess of 100K or so your corporation only pays a franchise fee - like $300 as long as the net profit is minimal.

Pleasurepays · 08-16-2003, 06:34 PM

i wouldn't advise listening to anyone here about legal and tax issues. thats a bit like going to an elementary school playground to ask about neurosurgery.

every state has different "state taxes" that have no connection to Federal Income Taxes. those are two seperate issues.

there are several diifferent types of corporations as well and each offer different advantages.

Quote:

what if you register an nevada corp. Do you still have to pay high Fed taxes? I'm not familiar with us taxes :/

Nevada has no state income that is not connected to Federal Income Tax which the corporation must pay.

if anyone wants good information i think its best to talk to a competent attorney or accountant about business and tax planning. i would think that if you are already a non US citizen, with a foreign corp, you would not want to move your porn operation to the US considering that porn is illegal in every other city in the United States, the laws are unclear and our government has announced that they are more intent on fighting porn rather focusing on more mundane things like... keeping the power on in NYC.

bigdog · 08-16-2003, 06:41 PM

Quote:

Originally posted by TheSaint

No, it makes no difference what state you incorporate in. In another state you must register as a "foreign" corporation and pay state taxes if you are domiciled there.

Most small corporations pay no taxes though, mine don't. That is because you have little net profit - all the proceeeds flow through to the owners as salary.

In most states unless you have brick and morter assets in excess of 100K or so your corporation only pays a franchise fee - like $300 as long as the net profit is minimal.

you have llc's?

KRL · 08-16-2003, 08:41 PM

Florida has no state income tax. Its one of the reasons so many older people with high incomes use this as their official residence for at least 6 months of the year.

Carrie · 08-16-2003, 10:05 PM

TGF,
I agree with staying where you are (or at least out of the US) because of the porn laws and volatile nature of Visa US, etc.

However...
You make $X income per year. The state that you are living in must pay for roads, legislators, etc; so it taxes that income.
The federal government also must pay for roads, schools, welfare, social security, etc. so it *also* taxes your income.

Some states do not have an income tax. They bring in their revenue in other ways (such as a higher sales tax on items you purchase). Still, if you live in these states, (like Florida), you still must pay the Federal tax.

Federal tax is always much higher than State tax.

If you have your own corporation, then you run the risk of getting taxed twice, because
-the corporation must pay taxes on what it takes in
-the corporation then pays you a salary, which you must pay taxes on as income (both state and federal).

The best way to get around that is to set up your corporation as an S-Corp, which tells the gov't basically that you are a one-man operation and they waive the double taxation.

Setting up a corporation in a tax-free state like the Nevada or Delaware corporations helps a little, but not much, as you still must register that corporation with the state you're living in and then of course, pay taxes. The state you're living in says "well if you're doing business here and making money, then you owe us a share of that - pay taxes". You also still have to get a business license for the city you're living in, etc etc...

It's all a major pain in the butt and it's best if you talk to an attorney and a certified public account, both from the state you are considering moving to (in this case, Florida).

But really - you are in a better position now than the folks in the US. Just look at all of the extra hassles and fees we're having to pay for Visa (and others to follow), and the US is very uptight about anything having to do with porn (at least, its laws are).

08-16-2003, 05:07 PM	#3
GFED Confirmed User Industry Role: Join Date: May 2002 Posts: 8,117	IRS charged me a shitload of taxes... I have to see my accountant Monday and get it fixed... BTW, I'm registered as a Sole Proprietor business. __________________ https://www.flow.page/savethechildren

08-16-2003, 05:09 PM	#6
sextoyking Confirmed User Industry Role: Join Date: Dec 2001 Location: Portland, OR. Posts: 6,034	S-Corp will save you alot of money ------------- BTW, I'm registered as a Sole Proprietor business. __________________ ICQ: 52344098 -------------------------------------- 50% Commissions on all Product Sales. http://www.wishing.com/money

08-16-2003, 05:09 PM	#7
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	yea FL dosn't have a state tax, other than sales tax ... but you still pay the fed income tax... for my day job here in FL, I pay out on adverage of $300 a week in Fed taxes. __________________ In November, you can vote for America's next president or its first dictator.

08-16-2003, 08:41 PM	#12
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Florida has no state income tax. Its one of the reasons so many older people with high incomes use this as their official residence for at least 6 months of the year. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

08-16-2003, 05:06 PM	#2
Rictor Old Timer Industry Role: Join Date: Jan 2001 Location: Indianapolis Posts: 12,208	State income tax is small potatos anyway. It's the feds that take 30% of your income.

08-16-2003, 05:11 PM	#8
Theo HAL 9000 Industry Role: Join Date: May 2001 Posts: 34,515	what if you register an nevada corp. Do you still have to pay high Fed taxes? I'm not familiar with us taxes :/

08-16-2003, 10:05 PM	#13
Carrie Confirmed User Join Date: Apr 2002 Location: Virgin - nee Posts: 3,162	TGF, I agree with staying where you are (or at least out of the US) because of the porn laws and volatile nature of Visa US, etc. However... You make $X income per year. The state that you are living in must pay for roads, legislators, etc; so it taxes that income. The federal government also must pay for roads, schools, welfare, social security, etc. so it also taxes your income. Some states do not have an income tax. They bring in their revenue in other ways (such as a higher sales tax on items you purchase). Still, if you live in these states, (like Florida), you still must pay the Federal tax. Federal tax is always much higher than State tax. If you have your own corporation, then you run the risk of getting taxed twice, because -the corporation must pay taxes on what it takes in -the corporation then pays you a salary, which you must pay taxes on as income (both state and federal). The best way to get around that is to set up your corporation as an S-Corp, which tells the gov't basically that you are a one-man operation and they waive the double taxation. Setting up a corporation in a tax-free state like the Nevada or Delaware corporations helps a little, but not much, as you still must register that corporation with the state you're living in and then of course, pay taxes. The state you're living in says "well if you're doing business here and making money, then you owe us a share of that - pay taxes". You also still have to get a business license for the city you're living in, etc etc... It's all a major pain in the butt and it's best if you talk to an attorney and a certified public account, both from the state you are considering moving to (in this case, Florida). But really - you are in a better position now than the folks in the US. Just look at all of the extra hassles and fees we're having to pay for Visa (and others to follow), and the US is very uptight about anything having to do with porn (at least, its laws are).