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How to fill out the TX 05-158-A online
The TX 05-158-A form is the Texas Franchise Tax Report, essential for reporting business income and calculating tax obligations in Texas. This guide provides comprehensive, step-by-step instructions on how to complete this form online, ensuring that all required information is accurately provided.
Follow the steps to successfully fill out the TX 05-158-A online
- Click the ‘Get Form’ button to retrieve and open the TX 05-158-A form in your preferred digital format.
- Enter the taxpayer number and report year. Make sure to double-check the report year aligns with the fiscal year you are reporting.
- Provide the due date for the report. This is typically based on the entity's accounting year end.
- Enter the taxpayer name and Secretary of State file number or Comptroller file number. Ensure all names and numbers are accurate.
- Fill in the mailing address, including city, state, country, and ZIP code plus four. If there is a change in the address, blacken the designated circle.
- Indicate if this entity qualifies as a corporation, limited liability company, professional association, or financial institution by selecting the appropriate option.
- Complete the Revenue section, entering amounts for gross receipts, dividends, interest, rents, royalties, gains/losses, and any other income. Ensure all figures are in whole dollars.
- Calculate and enter the Total Revenue by adding all relevant income. Make sure to account for any exclusions.
- Fill out the Cost of Goods Sold section by providing details for direct costs associated with generating revenue. This is crucial for accurate tax calculations.
- Complete the Compensation section, including wages, benefits, and any other types of compensation. Again, use whole dollars only.
- Proceed to the Margin section, including calculations for revenue less COGS and revenue less compensation. Follow the instructions closely.
- Fill out the Apportionment Factor by entering gross receipts in Texas and everywhere else, then calculate the factor.
- Determine the taxable margin and calculate the tax due based on the applicable rate. Make sure you follow the latest instructions for the correct tax rate.
- Review and confirm all entries for accuracy. Once satisfied, you can save your changes, download or print the form for future reference.
Start completing the TX 05-158-A online today to ensure compliance with Texas tax regulations.
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In Texas, gross receipts are calculated by totaling all income received by the business from its normal operations, including sales and other services. Be sure to exclude any fundraising or non-operating income from this calculation. For additional assistance, the directions in TX 05-158-A can provide deeper insight into the calculation process.
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