Happy New Year – Remember to File Your Personal Income Tax Return

I hope everyone had a restful and spiritual holiday season. As you know, it is my job to remind you that the New Year brings about your renewed responsibility to file your personal income tax return. It will be due on April 15, 2019. Also due on April 15 are your Trust returns on Form 1041 and your C Corporation returns on Form 1120. On March 15, 2019, your S Corporations on Form 1120S and your Partnerships on Form 1065 are due. These deadlines can all be extended.

You may also want to know that your Property Renditions are due to the HCAD by April 1, 2019 and your Texas Franchise Tax Reports are due to the State Comptroller by May 15, 2019. I probably don’t need to tell you that your payroll reports, which include your W-3, W-2s, Form 941, Form 940, and your TWC Report are due at the end of January.

I Want To Help You Understand the New Tax Law

I would like for you to consider having me come to your business to give a short (hour or less) seminar on the new tax law to your employees. I would talk about how the Tax Cuts and Jobs Act affects your business in particular and how it affects your employees. There are many changes that will seriously impact many taxpayers, and this would be a great opportunity to educate them. Afterward, we could have a Q&A session. We can discuss the content that would benefit your employees. There would be no obligation and it would be free.

That is all today. I look forward to visiting with you next week. In the meantime, don’t hesitate to reach out if you have a question—you can call my office at (713) 785-8939 or simply leave a comment on this post. I’d love to hear from you.

Due Today: Your Franchise Tax Report and Public Information Report

If you have state law protection in any of these forms, then you will need to file your 2018 Texas Franchise Tax Report by May 15, 2018: C Corporation; S Corporation; Professional Corporation; Professional Association; Limited Liability Company; Limited Liability Partnership; Professional Limited Liability Partnership; Professional Limited Liability Company; Limited Partnership; and there are more.

If your gross revenues are below $1,130,000, then you may use the No Tax Due Report, and you will not owe any tax—but you still must file the report. If your revenues are over that amount, then you must file the forms and pay the tax. The rate is .0075%, or three quarters of one percent. If you are a service company, then you can deduct salaries and benefits. If you are a manufacturing company, then you may deduct cost of goods sold (COGS). Be sure to look at the instructions online to see all the items to include in COGS. It is more inclusive than the COGS on your federal return. If you can’t file by the due date, then you may file an extension and if you owe tax then you must pay at least 90% to avoid any penalty. The rules are very complicated, so try to get it done as soon as possible. Good Luck.

That is all today. I look forward to visiting with you next week. Let me know if you have a question—you can send an email to robert@robertstevensoncpa.com or call (713) 785-8939. You can also leave a comment on this post.

 

Attention Small Business Owners: Don’t Forget Your Franchise Tax Report

Everyone seems to remember their federal tax returns, but for small business owners, state tax returns are also due. If you have a small business and you filed Articles with the Secretary of State to get state law protection in some form, such as an LLC, or a corporation, or another form of protection suitable to your needs, then you will need to file a Texas Franchise Tax Report and a Public Information Report by May 15, 2018.

These reports must be filed electronically and to file electronically you must have your Webfile Number. The Texas Comptroller of Public Accounts sent you a reminder last week that your Franchise Tax Report is coming due. This reminder will have all the information your CPA (or you) will need to file the return electronically, including your Webfile Number. Please be sure to keep this form and get it to your CPA as soon as possible along with your federal tax information — and definitely before May 15.