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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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States such as Florida Or South Dakota, have no state income

Resolved Question:

States such as Florida Or South Dakota, have no state income taxes and no corporate taxes. They also see S corps as a pass through election.
Does this mean that the company and owner would only pay federal? or am i missing something.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

In Florida, the S corporation does not have to pay a corporate income tax, because the tax passes through to the individual, who is not taxed.

Megan C :

You would have to look at each state's law individually to determine whether or not the S Corp is taxed or not.

Customer:

South Dakota.... no corp tax, no income tax.
S corp is pass through... so this means only federal tax?

Megan C :

Yes, that is what it means

Megan C :

It means if you're in S Corp in Florida or South Dakota you pay only federal taxes.

Customer:

k thanks

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 5 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks, Guy for your positive rating. Please come back and visit me any time you have a quesiton that needs answered. It was a pleasure working with you today.

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Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level