Texas Department of Revenue, Texas Tax
TEXAS BUSINESS CORPORATE TAX, TEXAS PERSONAL INCOME TAX, TEXAS SALES TAX RATES
What is the Texas Corporate net income tax rate(s)?
Texas has a gross receipt tax of 1% on gross income over $1,000,000. You can use the E-Z computation form to get .575% tax if your sales are under 10 million a year. Wholesalers and retailers are automatically at .5% tax.
You must still file the tax return for informational purposes every May 15th. In 2009, Texas passed legislation to move the threshold of gross receipts from 300,000 to 1 million. Finally a state that get’s it! Stimulate the economy by lowering taxes and fees… Not raising them!
Most Texas businesses will not have to pay anything in tax on the company level or personally.
What is the Texas personal net income tax rate(s)?
Texas has no personal income tax.
What is the average Texas sales tax rate(s)?
7.39%. The state has a 6.25% tax, but the average local tax is 1.14% making a total of 7.39%.
Are there standard deductions?
Single: no tax
Joint: no tax
Are there personal exemptions?
Single: no tax return to file
Dependents: no tax return to file
What forms do you file for your Texas taxes?
Texas corporations: franchise tax return
S corporations: franchise tax return
Partnerships: franchise tax return
Individual: no tax return
To learn more about nonprofit filings, see our Texas nonprofit corporation page.
Texas Department of Revenue:
Texas State Comptroller
P.O. Box 13528
Austin, TX 78711-3528
If you use Northwest Registered Agent as your registered agent in Texas, you’ll have an online account to track your corporation or LLC in Texas, receive notification reminders to file your annual reports on time, annual tax reminders, and new state information reminders. All for a low annual flat rate fee of $125 a year. We also help incorporate new Texas businesses for only $100.