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FRANCHISE TAX - MARGIN TAX
The
Texas franchise tax is a privilege tax
imposed on every taxable entity
organized in Texas or doing business in
Texas. All taxable entities, including
those that will owe no tax, must file an
annual report.
The
franchise tax rates are as follows:
-
1.0% (.01) for most
entities
-
0.5% (.005) for
qualifying wholesalers and retailers
-
0.575% for those
entities with $10 million or less in
Total Revenue (annualized per 12 month
period on which the report is based)
that elect "E-Z
Computation"
Taxable entities with total revenue
(annualized per 12-month period on which
the report is based) of $300,000 or less
will owe no tax. Taxable entities (other
than tiered partnerships) with tax due
of less than $1,000 will owe no tax.
(Read More)
SALES AND USE TAX
The
Texas state sales and use tax rate is
6.25%, but local taxing jurisdictions
may also impose sales and use tax up to
2% resulting in a maximum combined rate
of 8.25%.
INHERITANCE TAX
Texas
estates that exceed the minimum federal
estate tax filing requirement must file
an Inheritance Tax return and pay any
applicable tax based on the federal
credit for state death taxes.
CONTACT US
To
learn more about how our Tax
attorneys may help you, please
contact us
here or call us at
713.650.9700.
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