In Texas, property taxes play a major role in funding local governments. These taxes are typically assessed on real property like land and buildings. Unlike many states, Texas does not have a state income tax, so property taxes are crucial for local services such as...
As we approach the 2025 report year, Texas S-Corporations should be aware of several key updates to the state's franchise tax laws. These changes may impact your filing obligations and tax calculations. Franchise Tax Rates and Thresholds For 2025, the Texas franchise...
Texas businesses, including S-Corporations, must comply with state franchise tax laws. Recent changes to the no-tax-due threshold impact whether your S-Corp must file and pay franchise taxes. Understanding these updates helps you determine your tax obligations and...
Pass-through taxation is a major benefit for Texas S-corporations. This tax structure allows business income to "pass through" directly to the shareholders, avoiding the double taxation that C-corporations typically face. In Texas, this system helps small businesses...
S corporations have a lot of tax benefits since the company’s income and losses are “passed through” to the shareholders’ personal tax returns, avoiding the double taxation loop that affects corporate income. However, S corps have to meet specific requirements with...
The Texas Comptroller of Public Accounts has proposed amendments to the state's franchise tax apportionment rule in response to the Sirius XM case. These amendments, published in the Texas Register on January 20, come after the Texas Supreme Court unanimously...
In Texas, you're required to form an LLC or C corporation before electing to operate as an S corporation. Many people opt to form an LLC instead of a C corporation because it is less formal and provides more flexibility. The main differences between the S corporation...
Businesses of almost any size can qualify to operate as a corporation in Texas. However, smaller companies may benefit from operating as an S corporation instead of a traditional C corporation. While the S corporation structure does provide an owner with limited...
In Texas, it is essential to understand the complexities and challenges of filing taxes for a deceased individual. Specific laws and regulations apply to the filing process, and the following key points can provide insight into navigating the process. Filing deadline...
The divorce process can cause lots of changes for formerly married adults in Texas. These changes can involve last names, financial accounts and living situations. The divorce process can also modify how you prepare and file your taxes. Your filing status Before...
