Bookkeeping and Tax Return services in Texas
Texas has a straightforward tax system with no individual income tax but imposes other taxes on businesses.
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Bookkeeping Services offered by Meru Accounting In Texas
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Texas State Income Tax Rates:
- Texas does not impose a state income tax on individuals. Residents are only subject to federal income tax obligations.
- Texas does not impose a traditional corporate income tax. Instead, it levies a Franchise Tax on businesses, calculated at 0.375% or 0.75% of taxable margins, depending on the type of business.
- Statewide Sales Tax Rate: The statewide sales tax rate in Texas is 6.25%.
- Local Sales Tax Rate: Local jurisdictions may impose additional sales taxes, with total rates ranging between 6.25% and 8.25%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet Texas’ economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals: No state income tax filing requirement.
- Corporations: Franchise tax reports are due on May 15th each year.
Estimated Tax Payments :
- Corporations: Not applicable as Texas franchise tax is not paid on an estimated basis.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax based on their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties can be up to 10% of the unpaid tax, with additional interest on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Texas
In Texas, we offer a comprehensive range of tax services for individuals and businesses:
Individual Income Tax Preparation
- Personal Income Tax Returns: Preparation and filing of federal and state tax returns, including Form 1040 and related schedules.
- State-Specific Tax Filing: Texas does not have a state income tax, but we ensure accurate filings for federal tax obligations and any other state-specific taxes for those with multi-state income.
- Tax Planning and Advice: Strategic tax planning to minimize liabilities, including understanding deductions, exemptions, and credits.
- Audit Representation: rofessional representation in case of IRS or state tax audits.
- Tax Credits: Assistance with available credits, such as Earned Income Tax Credit (EITC), Child Tax Credit, and education-related credits.
- Amended Returns:Filing amended tax returns for previous years if corrections are needed.
Business Tax Services
- Corporation Income Tax: Preparation of federal tax returns for corporations (Forms 1120, 1120-S) and partnerships (Form 1065).
- Franchise Tax: Filing the Texas state franchise tax return for entities doing business in the state. Texas imposes a franchise tax on businesses based on their revenue.
- Sales and Use Tax: Guidance and preparation of sales and use tax filings for businesses engaged in retail or other taxable services.
- Employment Taxes: Filing federal and state payroll tax returns, including Form 941, Form 940, and Texas state unemployment insurance (SUI).
- State and Local Tax (SALT) Services: Handling of state-level taxes, including property taxes and Texas-specific business tax filings.
- Tax Compliance and Reporting: Ensuring compliance with all federal, state, and local tax laws, including tax reporting for C Corporations, S Corporations, LLCs, and partnerships.
- Tax Audits and Controversies: Representation and defense during audits by the IRS or state tax authorities.
Property Tax Services
- Real Property Tax Returns: Assisting property owners in filing accurate property tax returns and navigating Texas’ property tax system.
- Property Tax Appeals: Representation for property owners wishing to contest their property tax assessments.
Sales Tax Compliance and Audits
- Sales Tax Filing: Ensuring accurate and timely filing of sales tax returns in compliance with Texas sales tax regulations.
- Sales Tax Audits: Representation during audits, helping businesses manage audits and ensure they remain compliant.
International Taxation
- Cross-Border Tax Services: Assisting businesses and individuals with tax issues related to international transactions, including guidance on foreign tax credits, international sales tax, and reporting requirements.
- IRS Reporting for Foreign Assets: Preparation of necessary documents such as the Foreign Bank Account Report (FBAR) and FATCA compliance.
Estate and Trust Tax Services
- Estate Planning: Advising clients on tax-efficient estate planning strategies to minimize estate taxes and preserve wealth.
- Trust Tax Returns: Preparation of Form 1041 for trusts and estates, and assistance with understanding fiduciary tax obligations in Texas.
Tax Consultation and Strategic Tax Planning
- Year-End Tax Planning: Reviewing your financial position at year-end to optimize tax positions for individuals and businesses.
- Tax Deferral Strategies: Helping clients defer taxes through investment strategies like retirement plans, tax-deferred investments, and other methods.
- Tax Liability Minimization: Providing advice on minimizing tax liabilities through credits, deductions, and tax-efficient strategies.
IRS Representation and Appeals
- Audit Support and Defense: Representing individuals and businesses during audits to ensure that their rights are protected.
- Offer in Compromise (OIC): Assisting with negotiating settlements of unpaid taxes with the IRS through the Offer in Compromise program.
Tax Filing for Special Circumstances
- Non-Profit Tax Filings: Preparation of Form 990 for nonprofit organizations.
- Filing for Expatriates: Filing U.S. tax returns for U.S. citizens living abroad, including reporting international income.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
