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1:58 4:50 How to File a No Tax Information Report - YouTube YouTube Start of suggested clip End of suggested clip No tax due information report return select the radio button next to the file no text dueMoreNo tax due information report return select the radio button next to the file no text due information report and select continue. Now select the report year for which you are filing.
Franchise tax is based on a taxable entity's margin. Unless a taxable entity qualifies and chooses to file using the EZ computation, the tax base is the taxable entity's margin and is computed in one of the following ways: total revenue times 70 percent; total revenue minus cost of goods sold (COGS);
Texas, however, imposes a state franchise tax on most LLCs. The tax is payable to the Texas Comptroller of Public Accounts (CPA). In general terms, the franchise tax is based on an LLC's "net surplus" (the net assets of the LLC minus its members' contributions).
Franchise tax is based on a taxable entity's margin. Unless a taxable entity qualifies and chooses to file using the EZ computation, the tax base is the taxable entity's margin and is computed in one of the following ways: total revenue times 70 percent; total revenue minus cost of goods sold (COGS);
No Tax Due Threshold - USD 1,230,000. Tax Rate (retail or wholesale) - 0.375% Tax Rate (other than retail or wholesale) - 0.75%
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Texas, however, imposes a state franchise tax on most LLCs. The tax is payable to the Texas Comptroller of Public Accounts (CPA). In general terms, the franchise tax is based on an LLC's "net surplus" (the net assets of the LLC minus its members' contributions).
Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in this state. All taxable entities must file completed franchise tax and information reports each year.
Minimum Franchise Tax An entity that calculates an amount of tax due that is less than $1,000 or that has annualized total revenue less than or equal to $1,180,000 is not required to pay any tax.
Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.
Nonprofit and Exempt Organizations \u2013 Purchases and Sales OrganizationSales TaxMotor Vehicle TaxEducational \u2013 Public College/UniversityYesTexas schools onlyFederal Tax Exemption 501(c)(3), (4), (8), (10) or (19)YesNoReligiousYesRestrictions apply *Texas State and Local Government AgencyYesYes9 more rows

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