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Tx 05 158 instructions

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The document is a Texas Franchise Tax Report for the year 2020, detailing the filing requirements, revenue calculations, compensation, margin, and tax due for businesses. It includes sections for reporting gross receipts, cost of goods sold, and taxable margin, along with instructions for completing the form and submitting it to the Texas Comptroller of Public Accounts.

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Do I need to file an annual report for my LLC in Texas?

For reports originally due on or after Jan. 1, 2024, the no tax due threshold is increased to $2.47 million. For reports originally due on or after Jan. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a No Tax Due Report.

What is the Texas franchise form 05 158?

The Texas Franchise Tax Report Form 05-158 is essential for businesses to report their financial data to the Texas Comptroller. This document helps in calculating the franchise tax owed by the entity for the reported year. Accurate submission ensures compliance with state tax regulations.

What happens if you dont file Texas franchise tax?

A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

What is a Texas franchise tax return?

The franchise tax report determines how much tax your Texas limited liability company (LLC) or corporation owes, as well as keeping your information up to date in state databases.

Do I have to file a no tax due report in Texas?

Learn more about TeleFile. Texas Franchise reports may be submitted electronically with approved tax preparation provider software. View approved software providers.

texas form 05 158 instructions 2024

Tx 05 158 instructions 2022 Texas franchise tax instructions 2025 texas form 05-102 instructions Texas franchise Tax Public Information Report instructions form 05-158-a texas 05-102 Texas Franchise Tax Public Information Report 2025 Texas Franchise Tax Form

Do I need to pay Texas franchise tax?

Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in Texas. Taxable entities may need to file franchise tax and information reports each year.

What is the form 05 158 in Texas?

Taxpayers should file Texas Franchise Tax Annual Report, Form 05-158, only when total annualized revenue is more than $20 million. If revenue is between $2,470,000 and $20 million, Form 05-169 will print instead. Entities with revenue below $2,470,000 file Form 05-102.