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Old 01-30-2010, 04:03 PM
 
2,003 posts, read 1,164,818 times
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Recently moved here, and have questions on the no income tax.

So if you just have w-2 income, do you not even have to file a state tax return/?

What if you have made money doing a side business, such as EBAY, do you have to file on that? Or is it just considered personal income as well.
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Old 01-30-2010, 04:58 PM
 
2,231 posts, read 6,056,794 times
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Quote:
Originally Posted by treasurefinder View Post
Recently moved here, and have questions on the no income tax.

So if you just have w-2 income, do you not even have to file a state tax return/?

What if you have made money doing a side business, such as EBAY, do you have to file on that? Or is it just considered personal income as well.
If you have an LLC, Limited Liability Corporation, in the State of Texas, you do in fact have to file a state return. I do and I do.

There is no actual tax due, however, if the net income from the LLC is less that a statutory amount... something like $250,000 or $300,000. I don't remember exactly. I just declare on my return that its income is less than the limit.
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Old 01-30-2010, 06:39 PM
 
Location: Dallas/Ft. Worth, TX
3,053 posts, read 8,366,324 times
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The tax aceplace is describing is the Texas Franchise Tax which is handled by the Texas Comptroller. You can read about the tax rates, and other information, here Texas Franchise Tax Rates.
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Old 01-31-2010, 02:35 PM
 
252 posts, read 722,795 times
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I don't even know what a state income tax form is.
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