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Tag: Franchise Tax Report
Texas LLC Taxes Explained: Small Business Essentials
Introduction Forming a Limited Liability Company (LLC) in Texas offers small business owners flexibility, limited liability protection, and potential tax advantages. While Texas does not impose a personal income tax, LLCs are still subject to state franchise tax, sales tax, and federal tax obligations depending on their structure. This guide explains how Texas LLC taxes […]
Final Franchise-Tax Filings When You Close a Texas LLC
Final Franchise-Tax Filings When closing your Texas LLC, the final franchise-tax filing is critical to avoid penalties, interest, or future liens. This “final report” notifies the Comptroller that your business has ceased operations and ensures no outstanding tax liabilities remain. Relevant Tax Code References Texas Tax Code §171.255(d) requires a final franchise-tax report and payment […]