How to File Franchise Tax in Texas for LLCs

How to File Franchise Tax in Texas for LLCs
This video explains everything Texas LLC owners need to know about franchise tax, including:
What it is: A business #privilege tax, not based on income, but on net worth or capital.
When to file: Annually by May 15th (or the next business day if it falls on a weekend/holiday).
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How much to pay:
No #tax due if your total revenue is under $2,470,000 in 2024 and 2025.
Rates depend on business type:
Retail & Wholesale: 0.375%
Others: 0.75%
Compensation deduction limit: Up to $450,000.
EZ computation option for businesses under $20 million revenue (0.331% rate).
How to file: You'll need your #Comptroller_ID, #Taxpayer Number, and #WebFile number.
For more details, watch the video!
You Can Also Check the Complete information in this Blog post.
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