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My name is ***** *****. Had a quick question about Franchise

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Customer: Hi, My name is...
Customer: Hi, My name is ***** *****. Had a quick question about Franchise tax filings in Texas
JA: Thanks. Can you give me any more details about your issue?
Customer: Need to file franchise tax reports. Didn't make more than 10K last year. Can I file the No Tax Due Report?
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Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
how do I answer this question: Does the entity have zero Texas Gross Receipts?
Answered in 9 minutes by:
1/6/2016
Tax Professional: R. Klein, EA, Enrolled Agent replied 1 year ago
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
Experience: Over 20 Years experience
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Hello, this is Randall and I will be able to assist you with your Texas Franchise Tax report.

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Tax Professional: R. Klein, EA, Enrolled Agent replied 1 year ago

Assuming this is not your first year filing the Texas Franchise report, then you can file a No Tax Due report if your gross sales were less than $1 Million.

However, if you had SOME sales, then you will NOT mark the box "Zero Texas Gross Receipts" if you had more than $1 of sales IN TEXAS. However, you can mark box on Line 2 "Tax Below the Threshold", in order to qualify for the No Tax report.

I hope this answers your question. If so, please provide a positive rating so that I may receive credit for assisting you today!

If you need further clarification, please feel free to ask prior to making your rating. The rating closes out your question.

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Customer reply replied 1 year ago
Actually I am filing for last year (playing catch-up). This would be my first franchise tax report filed. Does this matter?
Tax Professional: R. Klein, EA, Enrolled Agent replied 1 year ago

You would need to file an Initial Franchise tax report.

The form looks very similar, just that it says TCode 13235 INITIAL at the top left. I believe it is Form 05-163

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Tax Professional: R. Klein, EA, Enrolled Agent replied 1 year ago

Sorry it is Form 05-163-i (i for initial)

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Customer reply replied 1 year ago
Thanks. I'm filing online so I assume the state is providing the proper one. Many thanks!
Tax Professional: R. Klein, EA, Enrolled Agent replied 1 year ago

Have a great day and thanks for choosing JustAnswer.

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