Attention Texas business proprietors!
It’s crucial for you to be aware that the deadline for submitting your annual franchise tax report in Texas is May 15th each year.
The Texas Comptroller’s office will be sending out notifications (if they haven’t already) to provide you with the necessary details for filing your annual report. For those who have employed the services of a CPA, accountant, or tax specialist, your report is likely filed already. However, verifying this can be beneficial. If your report is still pending, here’s what you need to know:
The Texas franchise tax is levied on businesses operating within the state, requiring each to submit a Franchise Tax Report (detailing yearly earnings) and an Information Report (outlining business management) to the Texas Comptroller.
Whether your business will owe tax depends on its income. Since franchise tax rates, exemptions, and deductions can change annually, contacting our office for specifics on potential tax liabilities is advisable.
Filing can be done personally via the Texas Comptroller’s website, or our team can manage it for you at no cost if you’re a business member. Remember, late filings incur a $50 fine.
For assistance with your filing, just hit contact us below. We’re here to support you.
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