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  • Tx Comptroller 05-158-a 2021

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RESET FORM 05158A (Rev.916/9)PRINT FORMTexas Franchise Tax Report Page 1 FILING REQUIREMENTSTcode 13250 Annual Annual Taxpayer numberReport year2 0 2Due date105/17/2021Taxpayer nameSecretary of State.

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How to fill out the TX Comptroller 05-158-A online

Filling out the TX Comptroller 05-158-A form can be a straightforward process when you know the steps to follow. This guide will provide you with a clear, step-by-step approach to completing the form online, ensuring that you meet all necessary requirements.

Follow the steps to accurately complete the form

  1. Click the ‘Get Form’ button to access the form and open it in the designated editing interface.
  2. Begin by entering the filing details, including your taxpayer number, report year, and due date in the specified fields.
  3. Provide the taxpayer's name along with the Secretary of State or Comptroller file number. Ensure that the mailing address, city, state, country, and ZIP code plus four digits are accurate.
  4. Indicate whether this is a combined report by marking the appropriate circle. If applicable, specify if the total revenue has been adjusted for Tiered Partnership Election.
  5. Answer the question regarding the entity type, confirming if it is a corporation, limited liability company, professional association, limited partnership, or financial institution.
  6. If your business has not operated for a full twelve months, follow the provided instructions for reporting annualized revenue.
  7. Fill in the revenue section with whole dollar amounts, ensuring you include gross receipts, dividends, interest, rents, royalties, gains/losses, and any other income.
  8. Calculate the total gross revenue and any exclusions from gross revenue. Ensure that you complete the cost of goods sold section, providing relevant figures.
  9. Provide details concerning compensation, filling in wages, benefits, and other compensation items.
  10. Proceed to the margin calculations based on total revenue and complete the apportionment factor as instructed.
  11. Finally, review all entries for accuracy, save your changes, and select the option to download, print, or share the completed form as needed.

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To qualify as a passive entity, the entity must be a partnership or trust, other than a business trust, for the entire accounting period on which the tax is based. The entity may not qualify as passive for the accounting period during which the conversion occurs even if it meets the 90 percent income test.

Passive income includes, for example, dividends, royalties, interest, foreign currency, rental income or property gains (the precise legal definition is in the FATCA and CRS legislation). An Active Entity may broadly be described as one where less than 50% of the entity's gross income and assets are passive.

Combined Reporting Taxable entities that are part of an affiliated group engaged in a unitary business must file a combined group report in lieu of individual reports. The combined group is a single taxable entity for purposes of calculating franchise tax due and completing the required tax reports.

As with all businesses, the no-tax-due threshold and E-Z Computation rules apply to corporations. At 1%, the tax rate on Texas corporations ranks very low nationally, making the state a popular place for businesses of all sizes.

State Business Tax By default, LLCs themselves do not pay federal income taxes, only their members do. Texas, however, imposes a state franchise tax on most LLCs. ... In some cases, the owners of an LLC choose to have their business treated like a corporation for tax purposes.

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

All Texas LLC business members or managers who take profits out of the LLC will need to pay self-employment tax. This tax is also known as FICA, Social Security or Medicare tax. It applies to all the earnings you withdraw from your Texas business. The current self-employment tax rate is 15.3 percent.

Select Yes when the entity's total annualized revenue is less than or equal to the no tax due threshold. The no tax due threshold is as follows: $1,110,000 for reports due in 2016-2017. $1,080,000 for reports due in 2014-2015.

The amount of franchise tax due depends on a business' revenue. Companies whose annual revenue falls below a certain threshold are not required to pay franchise tax. However, all businesses in Texas must file a franchise tax report, regardless of whether they are actually required to pay the tax.

Even if your business does not owe taxes, it is required to file a Franchise Tax Report each year. The no-tax-due threshold for 2017 is $1,110,000 and increases in 2018 to $1,130,000.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
TX Comptroller 05-158-A
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