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Getting Ready for Taxes

Posted by Katharine Gulyamova on Jan 22, 2018

Why your Business has a Franchise Tax 

The business structure you choose will determine what taxes you may pay and how you pay them according to federal, state and local requirements. There are a wide range of categories for business taxes. Texas has low business taxes compared to many states as well as no personal income tax—which draws businesses to the state. The Franchise Tax is a business tax in Texas that must be filed by each taxable entity formed in Texas or doing business here. The Franchise Tax Overview also includes the entities that are exempt from paying this tax. The State Comptroller website has detailed information about creating an account, paying taxes, as well as the rates your business will pay.   

Federal Taxes and General Tax Resources

The Small Business Administration and the Federal Deposit Insurance Corporation have a Small Business Financial Education Curriculum to assist small business owners with tax planning and reporting. The content in the guide is, like this blog post, not intended to provide authoritative financial, accounting, investment, legal or other professional advice. But, it does include descriptions of business taxes, forms and basic information about where to find further relevant tax information.

Also, this Small Business Taxes Virtual Workshop from the IRS is another resource to help new business owners understand federal taxes. The 9-lesson series is designed to be self-paced and allows you to review any of the lessons as many times as you need. Learn the basics about how to file and pay taxes electronically, what information is relevant for running a business out of your home, hiring employees or contractors, setting up retirements plans for yourself and your employees and much more.  

Look Out for Other Taxes

In preparation for paying your taxes, you should seek professional guidance from a business accountant. An experienced business accountant will know about the taxes and regulations that apply to your business based on your business structure as well as local, state and federal guidelines. For more information about business taxes visit the IRS Small Business and Self-Employed Tax Center as well as the SBA’s business guide on Manage Your Business: Pay Taxes prior to getting professional assistance so that you will be able to best utilize your time and ask informed questions about your specific tax obligations. 

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