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2023 Texas Franchise Tax Report Information and Instructions (PDF) No Tax Due. The law requires all No Tax Due Reports originally due after Jan. 1, 2016 to be filed electronically.
General Information. This booklet summarizes the Texas franchise tax law and rules and includes information that is most useful to the greatest number of taxpayers preparing Texas franchise tax reports. It is not possible to include all requirements of the Texas Tax Code Chapter 171.
There are two ways to file the Texas Franchise Tax Report: EZ Computation. Long Form. If your business falls under the $2,470,000 revenue limit, then you don’t owe any franchise tax, but you may still need to file a Public Information Report or Ownership Information Report.
Step-by-step instructions for filing the Texas Franchise Tax with the Texas Comptroller. Find due dates, get account status and more.
Texas Franchise Tax Reports for 2023 and Prior Years. Reports Originally Due May 15, 2000 through May 15, 2007. Reports Originally Due January 1, 1992 through December 31, 1999. Credit Schedules for Reports Originally Due before January 1, 2008.
The 2023 extension deadline is Monday, May 15, 2023. You may have received some letters from the Texas Comptroller’s office referring to “Texas Franchise Tax.” This sounds like something intended for the owners of Subway or T-Mobile retail franchise stores. Can you ignore them? Not at all!
The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. For general information, see the Franchise Tax Overview. File and Pay Franchise Tax. Approved Tax Preparation Software Providers. Filing and Payment Requirements. Request an Extension. Report Common Owner Information.
your LLC’s report year will be 2024. but your LLC’s accounting year will be 8/5/2023 – 12/31/2023. Unlike federal taxes, which are due in arrears (being filed for the prior year), Texas franchise tax reports are due in advance (being filed for the current year).
Welcome to the comprehensive guide to navigating the Texas Franchise Tax for the year 2023. Whether you’re a business owner, tax professional, or simply seeking clarity, this article aims to demystify the process by providing valuable FAQs, essential forms, and expert tips for smooth filing.
You need to use the 2022 TaxAct program to file your 2022 tax return, which includes Form 05-158-A 2023 Texas Franchise Tax Report. Texas labels their forms based on the year you file, instead of the year you are filing for.