A Guide to Texas Franchise Tax - Deb Evans Tax Co

[@carradine32ify]

Thank you so much Deb for breaking it down. I have watched so many videos and you is the first one who really explained/detailed to every question. This is my first year filing my LLC. Thank you again😇🥰

[@DebEvansVideos]

Happy to help!

[@jbnorthrup]

Thank you got making this

[@83HURSTROCKET]

Deb thank you so much! This is my first report, and you made this so easy to follow. Thank you again! You are a lifesaver

[@traceyregnold6398]

Bless you for this easy to Follow instructions!!! ❤

[@verakucherova1456]

Thanks! I have a question. How can we determine the Term Expiration of a director’s duty?

[@user-qq2fq4un8d]

Hi Ms. Deb. I need to fill out a request to terminate my llc and would really love a video or any help from you. Watched this video and it really helped me. Your explanations make it easy. Thank you 😊

[@DebEvansVideos]

Thank you! I don’t have a video for that, but I’m happy to help. It’s very easy. What state is your LLC in?

[@user-qq2fq4un8d]

Texas

[@krakeilll3020]

Thank you so much for this. very helpful

[@crystallopez1119]

Best video I found!

[@DebEvansVideos]

Thank you!

[@mimi_rios]

How do I find the term expiration? This is my first time filing taxes for my small business & have no idea where to find that😬

[@pamelatillman8305]

Thank you for making this video!

[@magagalaxy]

Thank you, thank you, thank you

[@philipmathan280]

Hi Deb, I need some clarification on filling Texas Franchise Tax No Tax Due report. I just started my business 11/22/2022 and can i put in Form 05-163 that my Total revenue as $0.00 and I choose option 2 that This entity's annualised total revenue is below the no tax due threshold. Please clarify this point. appreciate your kind help

[@philipmathan280]

Could you send me your contact details where I could be able to discuss further for other service.

[@amedeusedwin5714]

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 ?

[@juanibarra227]

Thank you so much Deb

[@DebEvansVideos]

You are welcome!

[@ahmarmurtaza1500]

Hey Deb, Thanks for the video It cleared all of my confusion, I just wanted to ask a few questions Principle Office Question: What should I put in this option I mean should I put my own personal address(since I am a foreigner) or the address of my LLC which is registered via a registered agent? Principle Place of location: Should I Puiit my personal address here as well or the address of my registered agent where my LLC is located? thank YOU,

[@motivationdefinition7260]

Thank you for the informative video. I learned a lot from that. I have two questions about franchise tax questionnaire. 1. On the franchise tax questionnaire, Mailing Address - do you put the Registered Agent address or the business address? 2. Contact Information - do you put your personal information or the business information? Looking forward to hearing from you. Thank you so much!

[@DebEvansVideos]

I’m glad you liked the video. The mailing address would be the business location. The contact info on the public info report is the personal addresses of the members.

[@motivationdefinition7260]

Thank you for your quick response. I appreciate it. Please correct me if I’m wrong, if you have a registered agent still you put the business address - mailing address. Thank you for your time.

[@DebEvansVideos]

@@motivationdefinition7260 they ask for the place of business. They have your registered agent on record.

[@motivationdefinition7260]

@@DebEvansVideos I got it. Thank you so much!

[@dapowertruckingllc6509]

I have question Deb, I have an S corp in trucking transportation, so the Gross for my business is usually very high but the net is significantly low, when they ask Total Revenue, does it refer to the Gross or Net?

[@jeffsanderson36]

Deb, Thanks so much for this informative video. It has inspired me to fill out this form myself. I recently formed a single member LLC for 5 rental properties. I have the parent LLC with a Texas taxpayer number along with the 5 rentals listed separately as Protected Series 1,2,3,4,and 5. I am assuming I will only list the parent LLC on the Franchise Return No Tax Due and add up the gross revenue from the 5 properties beneath the parent and list it under total revenue? At first I thought I would need to file a return for each rental property, but only the parent LLC has the taxpayer number. The individual properties do have an IRS EIN number though. Any input would be greatly appreciated. Thanks

[@DebEvansVideos]

Only the LLC needs a franchise report. The way you’ve outlined it is correct. 😊

[@jeffsanderson36]

@@DebEvansVideos Thank You!

[@mtzerectorsllc8610]

can i get your info i would like your help i am new to all this

[@bestinterestshuttles2855]

thank you ! very helpful .....

[@insp0776]

Wow. Thank you. I have a question. On the website filling out this Franchise Tax Report it brings me to the next screen called the Affiliate Information. Do I need to fill this out? What is it? Thank you

[@user-ri3hc2xs2u]

Thank you Deb for making this video, this is just what I need! And I really appreciate you talk with the actual form instead of doing a walk through of the web-filing. I have a few quick question in regarding to the two forms: 1.In our LLC application, I couldn't find the the director information(application didn't ask us to choose one), does that mean we can just assign anyone to be the director in the first year of filing? 2. There are two governing people in our LLC, who is the one to sign on these two forms? Thank you very much!

[@DebEvansVideos]

Just choose one of you to be the one for the state contact. LLCs don’t have directed so you can skip this line.

[@user-ri3hc2xs2u]

@@DebEvansVideos I got it. thanks a lot Deb!

[@yolandasmith5785]

Deb, what does the percentage mean in the “Owned by Corporations” section?

[@DebEvansVideos]

@@yolandasmith5785 section B and C asks if your business owns any other corporations and also if any other corporations own your business. If that is not applicable, just skip that section.

[@yolandasmith5785]

@@DebEvansVideos I did and clicked continue. It gave an error message because I left percentage blank

[@Meowhsss]

What is the term expiration?

[@DebEvansVideos]

Leave it blank

[@100_Percent_Sunshine]

Hello Deb! Stumbled across your video and comments which are in line with my questions... I am starting an online retail store which hasn't began operating just yet however I will be operating from home. Principle Office Question: Since I am not a franchised business, can I not leave this section blank? If it has to be completed, am I required to enter my personal address where it ask for "principle office" or can I enter the physical address I've obtained via UPS? Also, what's the difference in the question Principle Office & Principle Place of Business as it relates to a business like my business? Section A: being that it's just me... I will enter Member however... can I still enter the UPS address or do I have to enter my personal address?

[@Jreddygo]

Hello Mrs Evan’s I need help doing this and also I have questions about this when it gets forfeit how can I contact you ma’am? thank you.

[@michaelcox4936]

HUUUUUGE help! Thank you!

[@Runnerb03]

Hey Deb, thanks for the video. Do you think crypto mining would count as a passive entity? I wouldn't think it is passive but tax code 171.0003 didn't quite spell it out.

[@DebEvansVideos]

As of now, the IRS views all crypto transactions as passive investment reported on Schedule D as capital gains transactions. However, mining is a bit different. I believe you could make the argument that it is an active income business and report it on schedule c. This article is helpful. federal-lawyer.com/blockchain/irs-view-of-cryptocurrency-mining/ Remember, this is a new area. It takes Congress and the IRS a bit to catch up!

[@Runnerb03]

@@DebEvansVideos thanks Deb. Originally I thought it would be magic passive income but in reality its involved. That article also says you would get taxed from when you mine the crypto currency and when you sell it. Crazy.

[@DebEvansVideos]

@@Runnerb03 yeah, they’re excited about crypto! 🤦‍♀️

[@doravazquez7786]

Hello, my question is if you’re filing a no tax form. You must qualify for the no gross receipts portion. If like in your video you selected to say (you do have gross receipts) wouldn’t that omit you from being able to file the form at all?

[@DebEvansVideos]

No. You have no tax due if your revenue is below $1.1 million. You still have to file the form. There is a no gross receipts question but you would leave that blank if you do have revenue. You would select EITHER below the threshold OR no gross receipts.

[@Joseph5394]

Hi there! I have an online retail business with an LLC from Texas. We started the business in January 2022 and fall under the 1.15 million. I did not get to file last May 15th and just the other day received a penalty in the mail. Is is it possible to get the penalty from Texas Comptroller waived? Any help will be greatly appreciated.

[@DebEvansVideos]

You can try! comptroller.texas.gov/taxes/waivers/

[@dakdur1126]

I got a registered agent and virtual address in order to conceal my home address, this form seems to defeat everything I’ve done in order to maintain my privacy

[@DebEvansVideos]

I hear ya. I don’t know what that’s about. They’ve recently changed the form to include owners’ addresses. What’s the point of the registered agent?

[@dakdur1126]

@@DebEvansVideos it’s just crazy to me, and so irresponsible!Texas is not allowing business owner to keep their home address private (away from public viewing) anymore. Texas will let anyone find where a business owner lives so that the business owner can be harassed by the public? Texas will let business owners be vandalized and have property destroyed by the public because Texas forces business owner to put their home address available to the public in the form of public record??? I get that the state wants to know but Karen’s should not have access to business owners home address, Oh an employee looked at Karen wrong, Karen is gonna go harass the business owner at their home! How does this even make sense? Ugh this is frustrating!

[@thebookguy210]

Hello Deb, I have a question, what accounting year do I use for 2021? on the franchise tax form?

[@DebEvansVideos]

2021 info will be filed on May 2022. But it will be called the 2022 form even though it’s for 21.

[@sabel1264]

Thank you! It was very helpful!

[@myrnaadame3493]

HELLO, WHAT DO YOU PUT ON TERM EXPIRATION ON FORM 05-102?

[@DebEvansVideos]

Sorry! Just saw this. Just skip the line for director and exp notice.

[@_oscar_coronado]

Here is my question Deb. Where I need to write the title, can I write owner or what would technically mean the same as owner since it is an LLC but I am the only member?

[@DebEvansVideos]

Technically I don’t see how it matters, but it should match what was in your original docs on file with Texas, so ‘Member’.

[@_oscar_coronado]

@@DebEvansVideos on original application I got the option (applied online) of managing member. And yes. You just got your self a new follower (subscriber). Thank you.

[@tonyaviles8769]

Hi, can you provide your contact info please, if you are for hire. Im in San Antonio Tx. Enjoyed the video.

[@DebEvansVideos]

Thank you! I am in Cypress, just NW of Houston. I’m able to work 100% virtually. Start with my website www.evanstaxco.com and www.Facebook.com/evanstaxco I have lots info there as well. My email is [e-mail]

[@DebEvansVideos]

Where to sign up or log in to Texas WebFile security.app.cpa.state.tx.us/