Corporate Estimated Tax Broken Down:

Required Filers: Corporations owing more than $2,500 in Florida corporate income tax for the year.

Due Dates: Estimated tax payments are paid in installments and are due on or before (but electronic payments are to be initiated on or before the business day prior to the due date with the debit date being by the due date):

1st installment payment is due the last day of the 4th month of the corporation’s fiscal year end

2nd installment payment is due the last day of the 6th month of the corporation’s fiscal year end

3rd installment payment is due the last day of the 9th month of the corporation’s fiscal year end

4th installment payment is due the last day of the corporation’s fiscal year end

Calculation: (Estimated amount of tax due for corporation’s current tax year) x (0.90) x (0.25) = the minimum amount of each installment payment

Form to use: F-1120ES (available to file online or paper)

Calculations of Penalty and Interest for not paying or underpaying:

Penalty: (Installment amount subject to penalty) x (# of Days Late/365 or 366 for leap year) x (.12) = Penalty Due

Interest: (Installment amount subject to penalty) x (# of Days Late/365 or 366 for leap year) x (Floating Interest Rate) = Interest Due

Form to use to pay for penalty and interest for not submitting or underpaying estimated taxes: F-2220 (available to file online or paper)

Special Note: The F-1120ES say to pay four equal installments of the expected tax for the year but FDOR won’t penalize you if you pay in at least 90% of the expected tax for the year in four equal installments (See Chapter 220.34(2)(d), F.S.)

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