Your quick guide to Sunshine State’s taxes and Miami's 2023 & 2024 tax breaks and deadlines
Tax season can be a daunting time, especially with ever-changing regulations and deductions. As a Florida resident, you may have unique tax considerations. But fear not, fellow Sunshine Staters!
We've compiled a breakdown of eight common tax questions Floridians face, along with key deadlines to keep you on track for a smooth tax season filing experience in 2024 (filing for 2023 taxes).
Stay tuned to learn more!
Tax breaks to boost your savings this tax season
Before diving into specific questions, let's explore some tax breaks relevant to Floridians for the 2023 and 2024 tax seasons:
- No State Income Tax: One of the biggest perks of living in Florida is the absence of a state income tax. This translates to significant savings compared to residents in other states.
- Standard Deduction vs. Itemized Deductions: The standard deduction for single filers increased to $13,850 in 2023 and $14,250 in 2024. Married couples filing jointly see a standard deduction of $27,700 in 2023 and $28,500 in 2024. If your itemized deductions (like mortgage interest and charitable contributions) exceed the standard deduction, you can claim them instead. Research what applies best to your situation.
- Homestead Exemption: Florida offers a homestead exemption that reduces your taxable property value. It means lower property taxes. Be sure to claim this exemption with your local property appraiser's office.
8 tax questions answered for Florida residents
- Do I have to file a state income tax return in Florida? Nope! As mentioned earlier, Florida doesn't have a state income tax, so you only need to file a federal return.
- What are the deadlines for filing federal tax returns in Florida? The federal tax filing deadline for individuals is typically April 15th of the following year. However, for 2024 taxes, the deadline falls on a Tuesday, so you get an automatic extension until the following Wednesday, April 17th. Remember, this is just the filing deadline. If you owe taxes, penalties may accrue after this date.
- I'm retired and receive Social Security. Is it taxable? A portion of your Social Security benefits may be taxable depending on your total income. The IRS provides a worksheet to help you determine the taxable amount.
- I work remotely for a company outside of Florida. Do I owe taxes in that state? Generally, you'll owe taxes in the state where you perform your services. However, some states have reciprocity agreements with Florida, meaning you might not owe taxes there. Consult a tax professional or the state's Department of Revenue for details.
- I own a small business in Florida. What tax breaks can I claim? Several tax breaks are available for Florida small businesses. These include deductions for business expenses, home office use, and health insurance costs. The Florida Department of Revenue offers resources on business tax.
- What if I can't afford to pay my taxes by the deadline? The IRS offers several options if you can't pay your taxes on time. You can file for an extension to file, a payment plan, or an offer in compromise. Penalties and interest will still accrue, so it's best to address this situation promptly.
- Should I consider hiring a tax professional in Florida? Tax laws can be complex, and even seemingly simple situations can have hidden implications. If you have a complicated tax situation, own a business, or have significant investments, consider consulting a qualified tax professional in Florida. They can help you navigate the system, ensure you claim all available deductions, and maximize your tax savings.
- Where can I find more information on Florida taxes? The Florida Department of Revenue website is a valuable resource for tax information specific to Florida. Additionally, the IRS website offers a wealth of information on federal tax laws and filing procedures.
For specific tax guidance based on your unique situation, consult a tax professional. With a little planning and the information above, you can approach tax season confidently and potentially save some money, too!
Feeling overwhelmed by Miami's tax code and upcoming tax season deadlines for 2023 and 2024? Don't sweat it! Our comprehensive guide breaks down everything you need to know, from claiming tax breaks to navigating deductions. Also, subscribe to the Calle Ocho News newsletter to stay up to date on everything Miami! Get the most recent local Miami news now.
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