Florida income tax?
 

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...


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? :)

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

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.

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

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

S-Corp will save you alot of money :)
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BTW, I'm registered as a Sole Proprietor business.

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.

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.

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.

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.

you have llc's?

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.

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).