Texas Sample Letter for Corporation Taxes
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How to fill out Sample Letter For Corporation Taxes?
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FAQ
Texas Tax Obligations Small businesses have two common taxes ? employment and sales tax. Texas does not impose an income tax on corporations, nor does it impose an individual state income tax. Texas does have a corporate franchise tax based on earned surplus.
Texas has no corporate income tax. However, Texas does have a franchise tax, which took a new form in 2008.
Tax Clearance letters will be issued, upon request, by the Comptroller's office after all franchise tax reports and the appropriate signed information reports due through the date of reinstatement are filed, all franchise tax, penalty, interest and late filing penalties are paid.
Once you have set up a regular Texas corporation (C-Corp) with the State of Texas, to become an S-Corp you must make an election with IRS in order for your corporation to be recognized as an S-corporation. This form is called IRS Form 2553. It must be filled out and faxed or mailed to IRS.
Texas S Corporations and Taxes Texas S corporations do not pay corporate taxes. They must, however, file tax corporate returns using Form 1120S to the IRS. S corporation shareholders must also pay personal income taxes on their share of the corporation's earnings.
An S corporation is similar to a partnership, in that the taxable income or loss of the S corporation flows through to the shareholders that report the income or loss on their own returns.
Taxpayers who have questions about Texas taxes can receive help from the Comptroller's office through either a general information letter or a private letter ruling. General information letters answer most questions, but taxpayers can request a private letter ruling.
While Texas does recognize the federal S election, S corporations are nevertheless subject to the state's franchise tax. An individual shareholder, however, does not owe state tax on whatever portion of the corporation's net income they ultimately receive.
