Sign up for email updates from SBAReceive helpful business tips and upcoming events in your area.


Privacy Policy
Log in to SBA.gov:
Enter your SBA.gov username.
Enter the password that accompanies your username.

Community Header Banner

Home based business tax information/questions

by MSCheath, Window Shopper

  • Created: March 4, 2013, 7:46 pm
Share:
3 comments
I recently launched my first LLC, out of my rented apartment in Tampa, FL. I have several questions. How much room must be dedicated to a business to constitute a write off? Florida has no state income tax? How do I file? Can I deduct for depreciated equipment? Can someone lead to a good resource (simple, plain, complete and short), to find out about taxes in FL for an LLC.
Tags: Discuss Popular Topics, Filing and Paying Taxes
‹ Tax info on income from sales and/or commission from foreign company Forming an LLC for Forex trading ›

st8tax | Window Shopper | 3/24/2013 - 4:30 pm

Short and sweet (and authoritative):  A limited liability company (LLC), classified as a CORPORATION for Florida and federal income tax purposes, is subject to the Florida Income Tax Code and must file a Florida corporate income tax return. An LLC, classified as a PARTNERSHIP for Florida and federal income tax purposes, must file Form F-1065 if one or more of its owners is a corporation. In addition, the corporate owner of an LLC that is classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income tax return. A SINGLE MEMBER LLC, disregarded for Florida and federal income tax purposes, does not have to file a separate Florida corporate income tax return. However, the income of the company is not exempt from tax if a corporation owns the company, whether directly or indirectly. In this case, the corporation must file Form F-1120 reporting its own income, and the income of the single member LLC.         This post was edited to remove a link. Please review our Community Best Practices for more information about how best to participate in our online discussions. Thank you.
StateTaxCentral.com - Free State Tax Help
Professional Web Site: State Tax Help

JGabriel | Community Moderator | 3/7/2013 - 11:39 am

Hi there, this page can help shed some light on tax information for small business owners. As BizResearcher mentioned, you should contact the Florida Department of Revenue. 

BizResearcher | Window Shopper | 3/5/2013 - 12:06 pm

If you are a single owner LLC, you may be able to file a Schedule C with your
federal taxes. You may find that taking a deduction for a home office is not
worth it. You can use the space for nothing except the business, nor can you
use the office equipment for personal use. If you decide to take a deduction,
you measure your office space and then measure your entire apartment. Figure
out what percent of the apartment size is devoted to business ( for example
1000 sq. ft. apartment divided by 100 sq. ft. office = 1/10th of the rent and
utilities can be deducted).

Your state tax or revenue office can provide information about state taxes
you may owe. Check their website for information or give them a call.