5 things you need to know about the Texas Franchise Tax
The Texas Franchise Tax Report is due annually on May 15. Your Company may not owe any franchise tax, but you still must file the report to keep your business operating.
To determine if your business owes or not any Tax, you can either do it on your own, which takes some time, or you can look for professional advice which would save you headaches and time.
If you still don’t understand what the Texas Franchise Tax is about and have no idea how to do all the paperwork to file the report on time, here are 5 things that will help you to understand its importance for all businesses in Texas.
1. What is the Texas Franchise Tax Report?
The Texas Franchise Tax Report is an annual business Tax levied on business owners in exchange for the opportunity to do business in Texas. This process is known in Texas as Franchise Tax Report, in California as Franchise Tax Board, and in other states of the country as Annual report.
2. Who pays Texas Franchise Tax?
Almost every legal business in Texas: corporations, LLCs, and nonprofits may file the report, but it does not mean there is a Tax owed. Even freight companies may report the Tax to the Comptroller of Public Accounts to keep working and avoid the vehicle’s detention.
3. Why do I have to report the Texas Franchise Tax Report?
All companies need to report the Texas Franchise Tax Report because not doing it can take away the right of doing business in Texas and your company closure by the Comptroller of Public Accounts. For trucking companies, not reporting the Franchise Tax can cause the vehicle´s detention.
4. Are there penalties for late filing?
Yes. Penalties can go from 5% to 10% of your total tax due. To avoid this, file the Texas Franchise Tax report on time every year.
5. How to do all the paperwork to submit the Texas Franchise Tax Report?
Contact one of our specialists at Personal truck services to do all the paperwork you need to file the Texas Franchise Tax Report. The Texas Comptroller of Public Accounts provides step by step all the processes your company needs to follow. The difference between doing it on your own and doing it with a Personal Truck Services Specialist is TIME. A team of professionals will do it much faster; they already know what to do without spending hours reading and filling out forms. To get professional advice contact (832)360-2067