Business Tax Attorney Houston
Although the state of Texas does not have an income tax, there are still many layers of taxes to get through in terms of filing returns and compliance matters.
At the Federal level, there are the usual 1120 and 1120 S returns. In conjunction you will normally have payroll tax 941 and 940 FUTA returns that also need to be filed.
On a state level, there are numerous returns that need to be filed. They start with sales and use tax returns which are meant to report purchases. If you have sold merchandise to non-exempt vendors (that have presented their reseller’s certificate), then, you will need to file sales tax returns. If you bought merchandise from out-of-state and did not pay sales tax, then, you will need to file use tax returns. Sales and use tax come with different rates and filing requirements. Whether you are selling cigarettes, liquor, or grocery items, you will need to assign different tax rates and file the appropriate returns.
What if you are conducting business in different states? Then, maybe you have IFTA tax returns or franchise tax returns.
If you have any employees, you will need to file unemployment tax and pay the tax as well. Either way, there are still numerous other filings that can get in your way.
Business Tax Attorney Houston
