Florida Tops the List of Business-Friendly Tax States

Florida’s tax climate is much more welcoming than those of neighboring states, Alabama and Georgia. The Tax Foundation recently released its “State Business Tax Climate Index,” and the Sunshine State outshined its neighbors. Ranking fifth in the U.S. for its overall tax system, Florida fared well in each of 5 major areas of state taxation.      Florida       Alabama      Georgia Overall Rank                                 … Continued

Florida Residents Impacted by Payroll Tax Changes

Smaller Paychecks in the Sunshine State One tax incentive not extended by the American Taxpayer Relief Act of 2012 was the Payroll Tax Holiday, commonly referred to as the “Payroll Tax Cut(s).” The Payroll Tax Holiday was part of the Tax Relief Act of 2010, which reduced the total percentage of Social Security tax on earnings to 10.4%. For employees, 4.2% of the total percentage came directly from their earnings, while the employer paid the remaining 6.2%. Although the amount … Continued