Are you a Texas company owner who wants to know how to track the status of your franchise tax? The Texas franchise tax is a fee for the right to conduct business there. Franchise tax must be paid by all legal business organizations operating in Texas or having their corporate headquarters there. We’ll show you how to check the status of your Texas franchise tax in this article.
Visit the Texas Comptroller of Public Accounts website to learn the status of your Texas franchise tax. There is a button to “Check Franchise Tax Account Status” on the homepage. Once you select that choice, you will be taken to a different page where you must input either your Texas file number or your taxpayer identification number.
You can check the status of your franchise tax account by entering your Texas file number or taxpayer identification number. You can determine whether the tax has been paid, whether there is a balance owing, and whether any penalties or interest are owed.
A Single Member LLC must submit a Texas Franchise Tax Return, yes. Regardless of whether your LLC has one member or many, you must submit a Texas Franchise Tax report if your taxable margin is $1,180,000 or higher or if you are a foreign company conducting business in Texas. How Much Texas Franchise Tax Do I Owe?
The taxable margin of your company determines how much franchise tax you owe Texas. Franchise tax is not due by companies with taxable margins under $1,180,000. The franchise tax rate for companies with taxable margins of $1,180,000 or more is 0.375% of the taxable margin. The franchise tax rate for retail or wholesale firms is 0.375% of the taxable margin or 70% of the total income.
Businesses that are calendar-year taxpayers have until May 15th to submit their Texas franchise tax returns. The deadline for companies whose fiscal years conclude on dates other than December 31 is the 15th day of the fifth month after the conclusion of the fiscal year.
The Texas Comptroller Offices are open, but in light of the COVID-19 pandemic, they advise taxpayers to avoid face-to-face interactions by conducting their business online or via mail. If you require assistance, you can still go to their offices in person, although it is advised that you make an appointment first.
In conclusion, using the Texas Comptroller of Public Accounts website to verify the status of your Texas franchise tax is a quick and easy process. Keep in mind that Texas requires all companies, even single-member LLCs, to pay franchise tax. The Texas Franchise Tax Return is due on May 15th for calendar-year filers, and the amount of franchise tax owed is determined by the taxable margin of your company.