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Form 05 177

Form 05 177

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[Music] hey deb evans here i'm going to give us i give you a little training today on franchise tax texas franchise tax if you are an llc a corporation a partnership a non-profit any texas business that's registered with the secretary of state um you will need to be aware of franchise tax now it sounds like another scary tax but most of you are exempted from it so i'll talk about that in a minute if you are a sole proprietor who does not have a legal formation for your business this does not apply to you you don't have to do anything if you are an llc or any other entity registered with the state of texas you are responsible for a franchise tax and this is a texas tax texas versus federal this is not the irs this is texas so texas is responsible for sales tax and franchise taxes plus employment taxes um so if you are one of those entities i mentioned and you made over a million dollars it's a little million and change um you have to pay a texas franchise tax if your revenue this is no

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