Thank you soooo much! These are very useful information and it just saved me hundreds of $$$ literally. The world needs more of you, and I hope you won't get tired of creating useful videos like this. I'm now a subscriber :)
Ma’am, you are doing The Lords work, or should I say Uncle Sam’s 😂😂, your video made it so much easier for me to complete this. You’re a asset to the community and deserve much praise ❤️❤️🙏🏼
Thanks for video, I open real estate investment business but have not made any revenue or purchase due to rates and house market do I need to file franchise tax thanks
The video is very thorough and informative. Thank you for taking the time and effort to produce and post the video. I have a quick question. If my business is a residential real estate brokerage in which revenue is a commission of the sale of individual properties am I subject to a franchise tax? My understanding is that it is not, however, I'd like a second opinion.
Thank you for this very informative video. It gave answers to my questions. When amazon collects sales tax on your behalf and submits to state then still you need to file taxes
Very helpful! Thanks for this video! A quick question, can we consolidate two TX franchise tax accounts? Aside from our account under the company's legal name, we also have one account under the name of one of our brands (DBA).
Thank you so much for this information, it is very helpful. I have a question, is the taxpayer name to be filled the name of the business or its business owner ?
Assuming that as a remote seller I include sales from marketplace facilitators (Amazon & Walmart)? If we just reached sales tax nexus in Oct. 2022 and registered for sales taxes and franchise tax at that point, what period of time do I report gross revenue for on the first franchise filing for Texas?
You report for the period you were registered with the state. If your company registered Oct 1 2022, then you would report the sales for Oct 1, 2022 - Dec 31, 2022.
@LedgerGurus Thank you for this detailed video, It is helpful.. I have few questions, my wife's LLC consulting company registered in sometime in August 2022, but we did not generate any income in 2022 so we need to file no tax Due report?. And another question is if we generate income in 2023 do we need to pay Texas Franchise tax returns in 2024 and still choose "No Tax Due report" if it is less than $1.3M?. One thing I couldn't understand is how much we need to pay for Texas franchise tax returns and where need to pay?. Sorry for multiple questions, Appreciate all your help
Yes and yes. The limit is actually a nationwide sales limit, not just for Texas. The franchise tax rate is 0.375% so you usually don't owe much. You can file and pay online.
Thank you for this helpful video. I started my LLC in December of 2021. For the "Total Revenue" section, do I just input my total revenue from my LLC's start date to 12/31?
Thank you so much for the video! My llc was set up in Las Vegas long time ago, I used this llc to buy a commercial property in Texas in March 2022. Will I be getting a Texas web-file number from Texas controller for filing the franchise tax in the near future? Thanks in advance!
I’m only the landlord and collects rent from the tenant, I do not own the business of the tenant. The tenant is responsible for property taxes, but according to the lease, I will pay first and then the tenant reimburses me. Do you think I need to file the “no tax due “ franchise tax return? Thanks!
I need to file Franchise Tax for Oklahoma, and am unable to find any information anywhere on how to do so, I keep seeing examples for California and Texas only. Do you have any input or advice on what I should look for or follow along with?
We don't have any content on OK specifically. I suggest you reach out and schedule a consultation with our sales tax experts. They do franchise tax filings all the time, and can answer your questions and walk you through it. calendly.com/ledgergurus-sales-tax/?RUclips&
Hi! Thank you for the informative video. I applied for a Seller's Permit to buy wholesale to resell but I applied as a Sole Proprietor. According to your video it says Sole Proprietors don't need to file but after I applied for the permit, the website told me my first filing would by July 20. Would I still need to file a "No Tax Due" report?
Thanks for the info! If you're a foreign company you still need to file franchise tax? Also, the $500,000 threshold you mentioned is including all sales regardless of platform or whether the paltform is a marketplace facilitator?
Okay i am lost. I do lawn care (grass cutting) as LLC solo. I make about 31k a year. My question is do I check on #1, #2, but #3, what do you mean didn't sell in texas? For sure I dont need to check on 4 and 5.
I didn't do any business, net sales or purchase are zero. Now I am exempt for zero tax filings? And should I submit public/ownership information report. My llc incorporated in Feb 2023. Ownership report had to file in 2023 or now after 2023?
If you had no sales, you have no taxes. I suggest you contact the state to ask about the ownership report as that's not really our area of expertise. By the way, we recently updated our blog on TX franchise tax, with all the new information. You may want to check it out: ledgergurus.com/how-to-file-texas-franchise-tax/?RUclips&
If you haven't been assigned a taxpayer number and webfile numbers, go back to the video at 7:20 (already cued up here - ruclips.net/video/4bt_apVurc4/видео.html) and watch how to be assigned those numbers. If you're still struggling, you can contact the Texas Comptroller's office - comptroller.texas.gov/taxes/file-pay/getting-started.php#:~:text=If%20you%20do%20not%20have,from%20a%20previously%20filed%20report.
Hello, I need help from you. I didn't know anything about franchise tax until today I found out when franchise tax took my money in the bank account without any notice and I didn't have to do anything.
When I go to pay my franchise tax on the texas comptroller, I click the first option; "file a no tax due information report", just as you did in the video. When I click this I get a notification that says "No period obligations found for taxpayer ___" and it wont let me move forward with the process. Any idea why its doing this? I am attempting to do the filing for 2021, and today is the first day of 2022. Am I trying this too soon? thats the only thing I can think of as to why it wont let me do it.
@@LedgerGurus Good morning. I have the same issue as the one listed above, I linked my XT number and I clicked on it and it said the same thing as "no period obligations found..." Do I need to call the comptroller office?
What if we filed an extension for our corporate 2021 Tax Returns? Do I have to file an extension also with Texas? Thank you so much for the help with this! Of course, I am waiting until the last minute to get this filed!
What if I only have the franchise tax and not sales and use tax ? Does that mean I only have to do the franchise tax because it don’t give me any options to get sales and use tax
Thanks kindly for this video it's highly educational ... my question is .... i have an s corporation for transportation that I didn't use for the first year 2020 (zero income ) i did received the letter from texas comptroller of public account , should i just fellow what mentioned on your video or should i do something else thanks kindly for you help 👍👍👍👍🙏🙏🙏🙏🙏🙏🙏
thank you for your information i have a question : my LLC company was inactive and i do not any income from my company for first quarter of 2022 i forgot fill sales tax for my company i receive a letter of compurter of public accounts texas for failure to file my return for this period and for late and i get notice for pay tax but my company do not working for this period let me know how can i waive this late fee penalty and estimate return tax ?
You should receive a letter from the Comptroller office with a code, and that is what you need to use to assign the franchise tax account. You can request this letter from the comptroller office. It is a different code than what you used to assign your sales tax account. For a description on how to determine that code FROM your sales tax account number, watch the video again starting at 6:03.
May I ask what do you mean “if you didn’t sell anything into Texas.”. I live in Texas so all of my services are done here. Does that mean I have “Texas gross receipts”?
If you are providing services to customers in Texas then you need to remit franchise tax on those sales. If you are getting services done for you, then you don't have any liabilities.
I created a comptroller account but I received no letter via mail nor email ! so far! is that normal? I need to apply for tax permit for my new business. the website said I can't till got my franchise tax status active!! I can't get it active without the tx or rx number! what should I do?
Question. I'm confused about the accounting year dates. I'm filing for 2022. I registered with the state in March 2021. So would it be from 3/21 - 12/21?
I'm not sure I completely understand your question, but you can find the answers to your questions on the state website - comptroller.texas.gov/taxes/franchise/.
I’m so confused on what “Texas gross receipts” are..I’ve looked it up but it’s just talking about “gross receipts” in general. But what are “TEXAS gross receipts”and how do I know if I have them or not?..
Hello there! Our company is an A/E company and our office is outside Texas, and we do business in Texas. I don't see Sales and Use tax on our online access. I only see Franchise Tax that I can add (which is already added) but no sales tax. Do you know why..?
Did you register for sales and use tax with Texas? If you have the registration confirmation, you can contact the state with that confirmation number and have them check the status for you.
Following your directions to file my first franchise Tax I am getting this message when I pick No Tax Due: No period obligations found for taxpayer 'xxxxx' . Could you tell me what this means? Thanks.
Please help, my husband is a one man handyman for residential properties only. We do not sell anything, just his labor services. I went online before May 15th and all it asked us to do was fill out a questionnaire. However we just got a tax due with penalties and interest. I am completely confused at this. Our web file starts with a FQ. I researched and it says FQ Numbers: The number begins with the letters FQ followed by 6 digits. They are for completing a Franchise Tax Questionnaire, and they are printed in the right corner of the Registration Letter. That’s exactly what we did. Any advice?
@@LedgerGurus thank you so much for responding. I ended up speaking to the Comptroller this morning and they advised I needed to file a No Tax Due Information Report since he was under the tax due threshold and only pay the $50 late fee since I did not fill it out by May 15th.
Hi, I just formed my llc on 12/20/2021, When should i start to file franchise tax? Will that be before 5/15/2022 ? And what dates should i put on there?
i created my LLC november 2022, just completed no tax due report for franchise tax. however, i don't have a webfile number for sales/use tax to assign as i only received mail for franchise tax report. where can i find that or do i not need to assign that yet?
@@LedgerGurus Hi, I just received my sales and use tax return in the mail with the webfile number. Should I wait to file the tax return in case I get more sales before the due date or can I file it now?
I also receive the estimated tax due + penalty because I did not know that I had to file. Now I've just filed the franchise tax. What should I do with the letter telling me to pay estimated + penalty? Will it go away by itself, or I still have to pay for that too? Thank you.
I got a sales tax permit just now, (the end of the year). At what point do I start paying taxes? So far my online store made around 100 dollars since I literally just started lol. I pay taxes on just that? Or do I get a freebe if its a low amount. Thanks. Im young and ignorant of these things. Nice video btw
I threw the letter in the trash didn’t know it was important it was my first years of business, where can I get that letter from? It’s august 2021 is there any specific form for late filing?
After I logged on I don't see this form. I thought this was a tutorial on how to file online???? I don't understand the options online. I don't owe franchise tax. Thank you
Should I try the sales tax to franchise tax number trick or call to make sure? I didn't receive any franchise tax info even though I got a letter saying I would
@@LedgerGurus I found an old letter from shortly after I registered my business a year ago with an FQ webfile number and that worked so i guess now there are FQ numbers? Thank you for your very helpful content
my total revenue is zero as I opened my LLC in Nov 22. My franchies according period from 11/22/2022 till 12/31/2022 for report year 2023. If so I need to choose option 2 am i right? Option 2 in form 05-163 This entity's annualized total revenue is below the no tax due threhold.
Hi I'm new to your channel and I was wondering what dates would I need to put in the accounting year begin date and end date. I started my llc in May 2021 but I haven't done any business under the llc yet. Could you please help. Thank you so much.
I’m happy to! You can email me at salestax@ledgergurus.com or schedule a consulting call here: calendly.com/ledgergurus-sales-tax/1-hour-sales-tax-consultation?month=2022-09
Check out our sales tax course here - ledgergurus.com/sales-tax-course-updates.
Wow I wish I could find more videos like this out there. The world need more people like you!! ❤
So glad it was helpful! And we are so happy to have you here! If you have any content suggestions, let us know!
Thank you soooo much! These are very useful information and it just saved me hundreds of $$$ literally. The world needs more of you, and I hope you won't get tired of creating useful videos like this. I'm now a subscriber :)
Thank you! We're happy to help.
Well Done! Just completed my own Franchise Tax Filling for the first time!
Yay! So glad!
Women you save my life I did not anything about this topic, and I thought I owe a lot of money
We're so glad we could help!
You guys are awesome. I'll be seeking help in the future from you guys.
Thank you. We appreciate that. :)
This woman is amazing! Great video and so helpful! Thanks for sharing! 😀
So glad to help! Thanks for letting us know you liked the video.
Thank you for posting this! Very helpful 🙏🏻
I'm glad you liked it. :)
Ma’am, you are doing The Lords work, or should I say Uncle Sam’s 😂😂, your video made it so much easier for me to complete this. You’re a asset to the community and deserve much praise ❤️❤️🙏🏼
Awww, thank you! And we're glad we could help you so much. :)
This video was extremely helpful! It saved me!
So glad to help!
Thank you! It's well explained and easy to understand!
Great! Glad it was helpful!
This was excellent. Thanks for answering all my questions. Be blessed!
Of course! Glad you found it useful!
Thank you
So much!!! I’ve been scratching my head over this one! Now I know! 🎉
Happy to help!
Great video and straight to the point!
Actually a very, very valuable video. Thank you!!
So glad it was helpful!
you have helped me so much I appreciate the time you took to explain this. thank you
You're welcome.
We updated this video with the current info, so you may want to watch it as well: ruclips.net/video/ya2oueVH9B4/видео.html
Super helpful video! Thank you so much.
Thank you for this video. First time doing this.
Of course! Best of luck with your e-commerce business!
This was a lifesaver!!! Thank you so much! New subscriber right here!
So glad we could help! Thanks for subscribing.
Wow, thank you very much! Great video 😀
You're very welcome!
A sincere thanks for making this video!
Of course!
Very informative and to the point.
Thank you.
Thank you so much, this video really helped me.
So glad to hear!
This is wonderful! Thank you very much.
You're welcome
superb information. thanks for the video
Of course!
Thanks for video, I open real estate investment business but have not made any revenue or purchase due to rates and house market do I need to file franchise tax thanks
If anything, you'd only need to file a No Tax Due Report.
The video is very thorough and informative. Thank you for taking the time and effort to produce and post the video. I have a quick question. If my business is a residential real estate brokerage in which revenue is a commission of the sale of individual properties am I subject to a franchise tax?
My understanding is that it is not, however, I'd like a second opinion.
I don’t think it’s subject to franchise tax either.
Thank you so much i got it done today!😊
Great job!
Thank you for this very informative video. It gave answers to my questions. When amazon collects sales tax on your behalf and submits to state then still you need to file taxes
ruclips.net/video/I1bLb5SCk4I/видео.html this video should help!
This video may have saved me
So glad to be helpful!
Thank you. I just filed for 2022.
Great!
Very helpful! Thanks for this video! A quick question, can we consolidate two TX franchise tax accounts? Aside from our account under the company's legal name, we also have one account under the name of one of our brands (DBA).
Same FEIN or different?
@@LedgerGurusSame FEIN.
Thank you this was helpful
Glad it helped
Thank you so much for this information, it is very helpful. I have a question, is the taxpayer name to be filled the name of the business or its business owner ?
That depends on what name the business is registered under. Usually it's the owner's name.
You should do a video about Mixed Beverage Gross Receipts Tax there is nothing for the Texas area
Thanks for the suggestion.
Thank you for the information!!
You're so welcome!
Assuming that as a remote seller I include sales from marketplace facilitators (Amazon & Walmart)? If we just reached sales tax nexus in Oct. 2022 and registered for sales taxes and franchise tax at that point, what period of time do I report gross revenue for on the first franchise filing for Texas?
You report for the period you were registered with the state. If your company registered Oct 1 2022, then you would report the sales for Oct 1, 2022 - Dec 31, 2022.
@LedgerGurus Thank you for this detailed video, It is helpful.. I have few questions, my wife's LLC consulting company registered in sometime in August 2022, but we did not generate any income in 2022 so we need to file no tax Due report?. And another question is if we generate income in 2023 do we need to pay Texas Franchise tax returns in 2024 and still choose "No Tax Due report" if it is less than $1.3M?. One thing I couldn't understand is how much we need to pay for Texas franchise tax returns and where need to pay?. Sorry for multiple questions, Appreciate all your help
Yes and yes. The limit is actually a nationwide sales limit, not just for Texas. The franchise tax rate is 0.375% so you usually don't owe much. You can file and pay online.
Question: If your business is a service (not retail), do you still need to add the 'Sales and Use Tax'?
Depends on the service. This might be a useful link for you - www.salestaxhandbook.com/texas/sales-tax-taxability
Thank you for this helpful video. I started my LLC in December of 2021. For the "Total Revenue" section, do I just input my total revenue from my LLC's start date to 12/31?
Yes correct
Thank you so much for the video! My llc was set up in Las Vegas long time ago, I used this llc to buy a commercial property in Texas in March 2022. Will I be getting a Texas web-file number from Texas controller for filing the franchise tax in the near future? Thanks in advance!
I’m not sure you will be subject to franchise tax. It might be property tax instead.
I’m only the landlord and collects rent from the tenant, I do not own the business of the tenant. The tenant is responsible for property taxes, but according to the lease, I will pay first and then the tenant reimburses me. Do you think I need to file the “no tax due “ franchise tax return? Thanks!
@@dsiu51 I don’t think franchise tax covers property tax. I would call the comptroller’s office to confirm though.
I need to file Franchise Tax for Oklahoma, and am unable to find any information anywhere on how to do so, I keep seeing examples for California and Texas only. Do you have any input or advice on what I should look for or follow along with?
We don't have any content on OK specifically. I suggest you reach out and schedule a consultation with our sales tax experts. They do franchise tax filings all the time, and can answer your questions and walk you through it. calendly.com/ledgergurus-sales-tax/?RUclips&
Hi! Thank you for the informative video. I applied for a Seller's Permit to buy wholesale to resell but I applied as a Sole Proprietor. According to your video it says Sole Proprietors don't need to file but after I applied for the permit, the website told me my first filing would by July 20. Would I still need to file a "No Tax Due" report?
Is this for franchise tax or sales tax? :)
Thanks for the info! If you're a foreign company you still need to file franchise tax? Also, the $500,000 threshold you mentioned is including all sales regardless of platform or whether the paltform is a marketplace facilitator?
Yes and it includes sales from all platforms.
Okay i am lost. I do lawn care (grass cutting) as LLC solo. I make about 31k a year. My question is do I check on #1, #2, but #3, what do you mean didn't sell in texas? For sure I dont need to check on 4 and 5.
If you only make 31k a year you can just do an informational filing for Texas franchise tax. Use the no tax due report.
I didn't do any business, net sales or purchase are zero. Now I am exempt for zero tax filings? And should I submit public/ownership information report.
My llc incorporated in Feb 2023. Ownership report had to file in 2023 or now after 2023?
If you had no sales, you have no taxes. I suggest you contact the state to ask about the ownership report as that's not really our area of expertise. By the way, we recently updated our blog on TX franchise tax, with all the new information. You may want to check it out: ledgergurus.com/how-to-file-texas-franchise-tax/?RUclips&
The video is really informative, can you please share some knowledge about exclusions from revenue in ez computation
What questions do you have about it?
I dont have those 2 number. My llc i just registered 3 months back.
Thanks
If you haven't been assigned a taxpayer number and webfile numbers, go back to the video at 7:20 (already cued up here - ruclips.net/video/4bt_apVurc4/видео.html) and watch how to be assigned those numbers. If you're still struggling, you can contact the Texas Comptroller's office - comptroller.texas.gov/taxes/file-pay/getting-started.php#:~:text=If%20you%20do%20not%20have,from%20a%20previously%20filed%20report.
Hello, I need help from you. I didn't know anything about franchise tax until today I found out when franchise tax took my money in the bank account without any notice and I didn't have to do anything.
That doesn't seem right. Generally you have to file a return first. I'd contact the Comptroller's office for the state and see what's going on.
When I go to pay my franchise tax on the texas comptroller, I click the first option; "file a no tax due information report", just as you did in the video. When I click this I get a notification that says "No period obligations found for taxpayer ___" and it wont let me move forward with the process. Any idea why its doing this? I am attempting to do the filing for 2021, and today is the first day of 2022. Am I trying this too soon? thats the only thing I can think of as to why it wont let me do it.
Were you able to add the webfile number and link your account to your business?
@@LedgerGurus Good morning. I have the same issue as the one listed above, I linked my XT number and I clicked on it and it said the same thing as "no period obligations found..." Do I need to call the comptroller office?
@@shisong792 I would call and confirm. When did you register your business with the comptroller's office?
thank, it was quite confusing, i used to hire a guy for this but idk it seem ez
Glad we could help clear things up for you.
Hi! Question: At the top of the form, is the form asking for the business entity name or my personal name and info?
That section is for business information, not your personal information.
What if we filed an extension for our corporate 2021 Tax Returns? Do I have to file an extension also with Texas? Thank you so much for the help with this! Of course, I am waiting until the last minute to get this filed!
Yes! You will need to file an extension with Texas - it’ll be a 6 months extension.
Very, very helpful! On my account, the comptroller site would not allow me to add a Sales Tax box. It only allowed the Franchise Tax.
Interesting! Did you apply for a sales tax permit?
@@LedgerGurus Not that I am aware of!
@@LedgerGurus No, as a matter of fact!
@@dreamvisionnotebook that’s okay then! If you didn’t apply for a sales tax license they wouldn’t assign you an account.
@@dreamvisionnotebook replied to you on your other comment. But you should be okay!
What if I only have the franchise tax and not sales and use tax ? Does that mean I only have to do the franchise tax because it don’t give me any options to get sales and use tax
I would suggest contacting the Texas Comptroller to see how to get the sales and use tax number, too, if you have nexus in Texas.
I only received the franchise tax notice; how do I obtain my webfile number for sales and use tax?
Start watching the video again starting at 6:03. It will tell you exactly how to do that.
Very helpful
Glad it helped
Thanks kindly for this video it's highly educational ... my question is .... i have an s corporation for transportation that I didn't use for the first year 2020 (zero income ) i did received the letter from texas comptroller of public account , should i just fellow what mentioned on your video or should i do something else thanks kindly for you help 👍👍👍👍🙏🙏🙏🙏🙏🙏🙏
I would report a no tax due return :)
@@LedgerGurus thanks kindly
How do we can calculate the amount Ford the sales amount for Texas? Is Ford the shopping o for the compa y we sell?
Sorry I don’t think I understand your question. Ford?
thank you for your information i have a question : my LLC company was inactive and i do not any income from my company for first quarter of 2022 i forgot fill sales tax for my company i receive a letter of compurter of public accounts texas for failure to file my return for this period and for late and i get notice for pay tax but my company do not working for this period let me know how can i waive this late fee penalty and estimate return tax ?
I would apply for a penalty waiver and let them know your situation. You should be able to apply for a penalty waiver using form 89-224.
Please how do I make a correction on my already filed franchise tax .
You'll need to file an amended return with the corrections.
Hi, please help me. Is EIN the same as FILE NUMBER ? . I live in texas and Iam traying to get my resale tax certificate
Thank you
An EIN is the same as an FEIN, but I'm not sure what you mean by FILE NUMBER.
Very good tutorial, do you have a tutorial for texas sales tax filing?
Not specifically for Texas sales tax, but we can make one!
@@LedgerGurus That would be super helpful! it is very different than others.
@@Dianacunha-hq2wb we will add that to our list!
Why can’t I assign franchise tax return form on comptroller? Does that mean I don’t have to file?
You should receive a letter from the Comptroller office with a code, and that is what you need to use to assign the franchise tax account. You can request this letter from the comptroller office. It is a different code than what you used to assign your sales tax account. For a description on how to determine that code FROM your sales tax account number, watch the video again starting at 6:03.
If i dont sell anything but i am a junk removal service do i put no tax due?
Please help im so lost and this my first year filing late :(
Probably so, but I'd contact the Comptroller's office if you want to make absolutely sure - comptroller.texas.gov/taxes/franchise/
If my business is excluded from taxable services, do I still need to pay local tax (0.1500) when I file sales and use tax? Thank you!
You shouldn’t need to!
May I ask what do you mean “if you didn’t sell anything into Texas.”. I live in Texas so all of my services are done here. Does that mean I have “Texas gross receipts”?
If you are providing services to customers in Texas then you need to remit franchise tax on those sales. If you are getting services done for you, then you don't have any liabilities.
I created a comptroller account but I received no letter via mail nor email ! so far! is that normal? I need to apply for tax permit for my new business. the website said I can't till got my franchise tax status active!! I can't get it active without the tx or rx number! what should I do?
Did you apply for a seller’s permit yet? They won’t send you anything until you apply for a seller’s permit/sales and use tax license.
Question.
I'm confused about the accounting year dates. I'm filing for 2022. I registered with the state in March 2021. So would it be from 3/21 - 12/21?
Yes you will be filing for 3/21 to 12/21 that's due in 2022.
If i don't have my forms with the webfile number how can i get it again?
You can call the Texas Comptroller office and ask.
Hello dear what should write in due date and begging date i mean reports year and due date
I'm not sure I completely understand your question, but you can find the answers to your questions on the state website - comptroller.texas.gov/taxes/franchise/.
I’m so confused on what “Texas gross receipts” are..I’ve looked it up but it’s just talking about “gross receipts” in general. But what are “TEXAS gross receipts”and how do I know if I have them or not?..
Sales getting shipped to Texas customers.
Thank you !!
Hello there! Our company is an A/E company and our office is outside Texas, and we do business in Texas. I don't see Sales and Use tax on our online access. I only see Franchise Tax that I can add (which is already added) but no sales tax. Do you know why..?
Did you register for sales and use tax with Texas? If you have the registration confirmation, you can contact the state with that confirmation number and have them check the status for you.
Following your directions to file my first franchise Tax I am getting this message when I pick No Tax Due: No period obligations found for taxpayer 'xxxxx' . Could you tell me what this means? Thanks.
When did you start selling in Texas?
Please help, my husband is a one man handyman for residential properties only. We do not sell anything, just his labor services. I went online before May 15th and all it asked us to do was fill out a questionnaire. However we just got a tax due with penalties and interest. I am completely confused at this. Our web file starts with a FQ. I researched and it says FQ Numbers: The number begins with the letters FQ followed by 6 digits. They are for completing a Franchise Tax Questionnaire, and they are printed in the right corner of the Registration Letter. That’s exactly what we did. Any advice?
For specific situations like this, I suggest our sales tax consultation with an expert - calendly.com/ledgergurus-sales-tax/
@@LedgerGurus thank you so much for responding. I ended up speaking to the Comptroller this morning and they advised I needed to file a No Tax Due Information Report since he was under the tax due threshold and only pay the $50 late fee since I did not fill it out by May 15th.
@@mrsmdub75 Oh good! I'm glad you were able to get such specific advice.
Hello Dear, for quarterly tax do we submit only no file tax report?
Texas franchise tax is due once a year instead of quarterly.
Hi, I just formed my llc on 12/20/2021, When should i start to file franchise tax? Will that be before 5/15/2022 ? And what dates should i put on there?
Yes that's correct! You would put your starting date of 12/20/2021 on there and report sales from 12/20/2021 to 12/31/2021.
Hi , thankyou for your Time, if i have m'y LLC Can i filling tax's with out need a accountant in begenin
Yes for sure
Do you show how to do liquor tax’s in Texas?
Sorry we are not experts in excise tax.
i created my LLC november 2022, just completed no tax due report for franchise tax. however, i don't have a webfile number for sales/use tax to assign as i only received mail for franchise tax report. where can i find that or do i not need to assign that yet?
Did you apply for a sales and use tax account?
@@LedgerGurus Hi, I just received my sales and use tax return in the mail with the webfile number. Should I wait to file the tax return in case I get more sales before the due date or can I file it now?
If I have an LLC but I don't sell anything, do I just file a a NO TAX DUE INFORMATION REPORT every year?
Yes correct.
I have a small company. Need to file my franchise tax only made 80k so far
The good thing is that you probably only need to file the No Tax Due Report.
I also receive the estimated tax due + penalty because I did not know that I had to file. Now I've just filed the franchise tax. What should I do with the letter telling me to pay estimated + penalty? Will it go away by itself, or I still have to pay for that too? Thank you.
It should go away, you can always contact TX comptroller’s office and get an update on the status.
I got a sales tax permit just now, (the end of the year). At what point do I start paying taxes? So far my online store made around 100 dollars since I literally just started lol. I pay taxes on just that? Or do I get a freebe if its a low amount. Thanks. Im young and ignorant of these things. Nice video btw
Thank you! Yes! If you make less than 1.1 million, you can file a no tax due return. It’s due in May 2023.
I threw the letter in the trash didn’t know it was important it was my first years of business, where can I get that letter from? It’s august 2021 is there any specific form for late filing?
You can call the state and ask for your webfile number. They will either give it to you after confirming your identity or they will mail it to you.
After I logged on I don't see this form. I thought this was a tutorial on how to file online???? I don't understand the options online. I don't owe franchise tax. Thank you
If it doesn't show up as an outstanding filing, then you probably didn't need to file for that period.
I do have LLC but have done any business, do I still need to submit the franchise tax and I lost the email from comtroller what should I do now?
I would file a no tax due return.
Should I try the sales tax to franchise tax number trick or call to make sure? I didn't receive any franchise tax info even though I got a letter saying I would
Try it first and if it doesn’t work, call Texas :)
@@LedgerGurus I found an old letter from shortly after I registered my business a year ago with an FQ webfile number and that worked so i guess now there are FQ numbers?
Thank you for your very helpful content
@@Juan-dc6yf definitely! Let me know if you have any other questions!
How do I know the number of my total revenu tax
Thank you
It's based on the numbers on your income tax return.
my total revenue is zero as I opened my LLC in Nov 22. My franchies according period from 11/22/2022 till 12/31/2022 for
report year 2023. If so I need to choose option 2 am i right? Option 2 in form 05-163 This entity's annualized total revenue is below the no tax due threhold.
You can file a no tax due form and yes that’s correct.
You’re phenomenal, thanks this reply helps. Very grateful that you answer people’s questions. That’s very kind of you.
Hello . Is it possible to amend it? If the form filled out incorrectly?
Definitely! You can amend it.
Hi I'm new to your channel and I was wondering what dates would I need to put in the accounting year begin date and end date. I started my llc in May 2021 but I haven't done any business under the llc yet. Could you please help. Thank you so much.
I would put May 2021 to December 31 2021.
@@LedgerGurus Ok thank you so much for replying.
@@LedgerGurus I'm sorry one last question if I started on May 15 would I need to put May 15 or just May 1st of 2021.
@@kaydenise237 yes correct!
@@LedgerGurus which one would it be?
Where can i get my 11 digit taxfile number? I never received mail or an email and dont know what it is and can't find help anywhere :(
Try logging into your online portal through the Texas Comptroller's website. You should be able to get it on there.
Can you look at my form, please? It’s for a transportation business
I’m happy to! You can email me at salestax@ledgergurus.com or schedule a consulting call here: calendly.com/ledgergurus-sales-tax/1-hour-sales-tax-consultation?month=2022-09
When filing out the form, my lines 8, 14, and 18 has the notation "nan" and will not let me enter numbers. Please help
Which form are you filling out?
what if i just open my LLC but havent done anything with it? do i still need to file franchise Tax?
So, you haven't sold anything yet? If anything, you'd only need to file a No Tax Due Informational Report.
I have a LLC 100 percent member BUT I filed my taxes as a sole proprietorship. That means I am exempt...am I right?
Yes correct!
How to Submit Quarterly Sales and Use Tax Of TX ? Of Amazon
Amazon should already be remitting sales tax for you in Texas because of marketplace facilitator laws.
how would I file for 2016 to 2020 since I did not filed and now my acct is inactive
I would contact the state’s department of revenue via phone and have an agent re-activate your account.