What Are Some Important Florida Tax Laws You Should Know?

Florida State Taxes

Florida State Taxes

Tax Laws in Florida

What are Consumer Tax Laws?

When you buy a product or service, do you pay attention to the taxes you’re getting charged for? Getting to know the tax codes may not sound appealing to anyone. To make it simple for you to understand, you should know that there are two types of consumer state laws. One of them is the state revenue taxes which includes all Florida State Taxes from goods and services to benefit the state and increase revenue. This type of revenue is utilized to maintain highways in good conditions, as well as infrastructure projects used for recreational, neighborhood, and law purposes. The consumer sales tax is paid when you pay extra 7 percent of tax from a good or service during the purchase. If you buy a tax-exempt item, it is important that you are aware of situations that may lead you to owing that tax. For instance, if you purchase a item on tax-exempt with the intention to sell it but instead you keep it for yourself or in your business, then you owe tax. You are also required to owe for use tax if you buy a taxable item without exempt and you didn’t pay for sales tax at the moment of purchase.

Tax Changes a Person’s Behavior

Earlier it was said that there were two types of consumer Florida State Taxes. The first one is the state revenue which raises revenue to work on infrastructure projects. The second consumer law to influence a change in a person’s behavior which is done by raising taxes on alcohol, cigarettes, tobacco, etc. All states charge this type of tax which is known as the excise tax. One of the reasons the excise tax differs from state revenue tax is the fact that there are a few states that do not charge taxes on certain goods. The raising of tax has worked to inhibit certain bad behaviors but it has helped increase revenue for infrastructure projects at the same time.

How Personal Income Tax Works in Florida

Did you know that Florida has no personal income tax? The tax rate for this state is 6 percent, however; there is also no state income tax. The revenue in Florida actually benefits those who are retired or planning to become retired. Property tax is part of Florida State Taxes that must be paid if owed in Florida which is the property value times the assessment minus exemptions. Another tax imposed in Florida is corporate tax which is based on federal income tax.

Our professional Kerr Koncepts consultants obtain the necessary Florida State Taxes knowledge to guide you through savings before and during the filing of taxes. Call today at or click here to make an appointment.

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The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.