Since Rhodes Holdings LLC and most of our clients do business in the great State of Texas, we wanted to keep everyone up to date on information for Texas corporation. Last year, the Texas legislature changed the franchise tax, or corporate income tax if you live in other states, so that it it could alleviate some of the high property taxes here in Texas. It looks like it might have backfired, as the changes to the corporate tax might affect many small businesses negatively – like to the tune of increasing their corporate taxes 20 times in some cases.
This causes a whole lot of consternation on the part of CPAs around the state that were working with small business owners. Also, a slew of legal cases are still working their ways through the court system that challenge the changes. Barring any further changes brought on by the legal cases, the franchise tax forms are now ready.
The state has done a great job this year of putting everything online and even allowing you to file online through PDF forms (nice printing and saving features) – bravo. See everything that the state has to offer here: