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Financial Planning / Tax Strategies


Subject:  Re: tax questions Date:  11/6/2002  7:50 PM
Author:  JAFO31 Number:  61949 of 129658

MarleysGhost: "Unfortunately I can only offer a small measure of help based on the information supplied. For starters, I don't believe Texas has a state income tax."

Texas does not have a state income tax for individuals. The franchise tax for (certain) entities was revised several years ago so that it is potentially an income tax for corporations and LLCs.

From my notes, LLCs and corporations pay Texas state franchise tax - generally 4.5% of Earned Income or 1/4% of Capital; not vouching that rates are current. <grin>

Regards, JAFO

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