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Form 1065 (Schedule C) for Salt Lake Utah: What You Should Know
SUMMARY OF TAX REQUIREMENTS IN TEXAS The federal government generally taxes corporations and partnerships based on their profits. In Texas the minimum tax for the corporate and partnerships tax is the total of the following: Minimum Tax for Texas Corporations 10.04% Total Income Tax on Partnerships 35% The following state taxes are levied directly on the partnership income of Texas partnerships: Minimum Tax for Texas Partnerships 35% Texas Limited Partnerships are taxed at the combined federal and state minimum tax of 10.40%. Texas limited partnerships which do not file for corporate status are taxed based on the corporation minimum tax of 15% on the aggregate partnership income on their tax return for the taxable year ended December 31. (e.g., a Texas limited partnership which has 250,000 in partnership income would be taxed at 25% on 250,000 of their total partnership income). Note: a partner in a Texas limited partnership does not generally have to include his or her name on the partnership return if he or she does not receive any part of the partnership income. Minimum Tax for Partnerships The Texas State Sales Tax on Partnerships is an additional 4% plus sales tax. The Texas Franchise Tax Statute MUST ALSO BE INCLUDED IN THE AMOUNT OF TAX PAYING EXCEPT THE TOTAL AMOUNT OF THE BOTH STATE AND FEES, TAXES AND REGULATIONS TO BE GIVEN BY ALL ENTITIES, CORPORATIONS, BUSINESS ACTIVITIES AND ANY PARTNERS OR SUBSIDIARIES Of THEM WITHIN THE STATE OTHER THAN BOTH ENTITIES, CORPORATIONS, BUSINESS ACTIVITIES AND ANY PARTNERS OR SUBSIDIARIES Of THEM WITHIN TEXAS. The following state taxes are levied directly on the partnership income of Texas partnerships: Texas Limited Partnerships with Tax Rates and Texas Corporations with Tax Rates All Texas state and local taxes and fees are paid by partners. Each individual partner generally has to file separate returns. The following are the basic taxes and fees you will have to pay: Texas Limited Partnership (TLP) Tax Texas Limited Partnership (TLP) Tax is owed on the partnership income of a Texas LLP. Texas Statutory Partnerships Tax: Texas Statutory Partnership (Profit) Tax: Texas Statutory Partnership (Profit) Tax is owed on the partnership income of an individual resident of Texas.
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