Wallace CPA Southlake, TX
New business formation means choosing a legal structure, registering with the state, getting a federal tax ID and setting up books. Wallace CPA helps Southlake, TX owners look at the tax side of each choice and start with records ready for the first return.
The IRS says the most common forms are the sole proprietorship, partnership, corporation and S corporation, and that an LLC is a structure allowed by state statute. Legal and tax considerations both matter. An attorney can advise on liability. We cover tax effects. Read our guide on S corps, LLCs and sole proprietors in Texas and the entry on limited liability companies.
Many businesses do. The IRS says an EIN is a federal tax ID for businesses and other entities, and that you can get one free directly from the IRS. See employer identification number. Be careful of sites that charge a fee.
Common ones are the franchise tax, sales and use tax, and payroll taxes if you hire. The Comptroller says the annual franchise tax report is due May 15 and that the date moves if it falls on a weekend or holiday. Read the Texas business taxes guide and the entries on Texas franchise tax and sales and use tax.
Open a separate business bank account, choose accounting software and decide how you will track receipts. Our bookkeeping routine is a good place to start. See small business accounting and QuickBooks setup.
Our guide to starting a business in Texas lists the steps in order. A Southlake owner may also like our post on opening a business in Southlake.
General information, not advice for your situation. Talk with a CPA about your own facts before you act.
Ask anything else: call (877) 682-1171.
Read the guideStarting a business in Texas: entity, EIN, franchise tax and sales taxNot required. Many owners talk to a CPA first because structure affects taxes and records.
It depends on the election made. The IRS says legal and tax considerations enter into the choice of structure.
State filings are done with the Texas Secretary of State. Ask us what part we can help with, and an attorney can advise on legal structure.
The Comptroller says the annual report is due May 15, or the next business day if that date falls on a weekend or holiday.
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.
