The threshold for reports filed in 2011 (based on 2010 activity) is $1 million. For reports filed in 2012 (based on 2011 activity) the threshold drops to $600,000 (my knowledge of Texas tax laws > my knowledge of Texas gun laws; my one chance to shine on this forum).sjfcontrol wrote:Also, I have verified with my Financial Planners, that the no-tax threshold for the Tx Franchise tax is $1M this year. I've asked for more info from my accountant, but believe this to be correct.
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- Mon Jun 27, 2011 6:46 pm
- Forum: Instructors' Corner
- Topic: Business Side of Things
- Replies: 25
- Views: 5251
Re: Business Side of Things
- Mon Jun 27, 2011 4:32 pm
- Forum: Instructors' Corner
- Topic: Business Side of Things
- Replies: 25
- Views: 5251
Re: Business Side of Things
You should talk to an attorney or accountant - much of the advice listed above is sketchy or incomplete. For what its worth, I would give serious consideration to using an LLC instead of a corporation. You will have the same liability protection, but you should not have to file a separate tax return (if you are the only owner). Also, don't worry about the Texas franchise tax - no chance you will make enough to even come close to being subject to it.