A franchise tax, also known as a privilege tax or margin tax, is required for all taxable organizations that do business in Texas. How much a company pays depends on the annual revenue. There are times when a business doesn’t have to actually pay anything — but they are required to submit the proper forms to the state.
What factors into determining how much, if any, franchise tax is owed? You should include your company’s total revenue, cost of goods sold and compensation. Once these are all examined and it’s revealed that your revenue is less than a certain set amount, you aren’t required to pay the tax (we will help you determine that amount for your company). Still, you do have to return the proper forms every year. If you fail to do so, the result will be unwanted fines and penalties.
Don R. Walker, C.P.A. has more than 40 years of experience and will help you determine how much taxes you owe and take care of the process for you. So if you’re looking for someone with experience in the field of state tax preparation franchise in Fort Worth, TX, give us a call today at 817-905-1040. We are here to help you with any kind of CPA services for your business or company.
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Still unsure about whether you need to file this type of tax and how much you might owe? Below are a few more considerations:
- If your business isn’t registered in Texas, you don’t need to file a franchise tax form.
- If you’re registered with the state as an LLC (limited liability company), a partnership a corporation, a professional or business association or a joint venture, you are required to comply with this tax.
Remember, even if you don’t owe anything, you must file two reports to the state of Texas. Failing to do so will result in a “not in good standing” status, which will have a negative effect on your business moving forward. And you should take heed of the deadlines; late forms will cost you a fine.
We’ll be happy to go over all of the rules and regulations for state tax preparation franchise in Fort Worth, TX. You can call Don R. Walker, C.P.A. at 817-905-1040 for franchise tax help, resulting in the peace of mind you’re looking for.