Business Tax Preparation for Texas State Taxes
Being a business owner in Texas has its advantages, and the savvy business person or professional can be quite successful. One of the perks of running a business in this state is that state business taxes are among the lowest in the nation. That being said, you need a careful and diligent approach to state tax preparation to reap the benefits of this business-friendly climate.
State Business Taxes in Texas
Texas refers to its state corporation or business taxes as a franchise tax, and the rate for most small businesses is a maximum of one percent of taxable margins. Limited liability partnerships (LLPs), limited liability corporations (LLCs), corporations, and S corporations are all subject to this franchise tax, while sole proprietorships and some general partnerships face a different structure.
However, many conditions, exceptions, and caveats exist that can lower that one percent significantly and, for some businesses, it may be possible that no taxes are owed at all. Having a professional tax preparation service like Chandler & Knowles to take care of your state tax preparation is a best business practice, ensuring that all of your tax information is accurate and filed on time so that you pay the lowest amount allowable under the law.
The taxable margin calculation for a business in Texas can be quite complex. The tax obligations for sole proprietorships and general partnerships can be a complicated maze of seemingly indecipherable language and restrictions. By engaging the services of a team of professional CPAs and tapping into their state corporation tax expertise, you are ideally positioned to minimize your tax burden.
Benefits of Chandler and Knowles State Tax Preparation
Besides accuracy, we here at Chandler and Knowles can help with keeping your state business taxes low in other ways, including:
- Determining which business entity is best for your company
- Monitoring business growth to determine if switching to a different corporate structure is warranted
- Handling payroll taxes, sales tax, and other financial obligations that come with doing business in Texas
- Handling any federal tax obligations that may apply
While all of these services center on the money side of your business, there is another important benefit to be realized by working with us: time. Because we take care of the daily minutiae and details of tracking your business’s income and expenses, then filling out and filing the seemingly endless forms, you are able to devote more of your time to what you love best – growing your business or practice.
Instead of being bogged down and burdened with trying to interpret the codes for state business taxes, take advantage of the expertise of our state tax preparation professionals here at Chandler and Knowles. Give us a call today at 817-406-3827 or fill out our online form.
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"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"
~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC
They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.
~ Rick Schenck, UPS Business Owner
Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.
~ Todd Benton
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~ Tracy Richards