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RESET FORM 05-158-A (Rev.9-13/7) (Rev.9-13/7) PRINT FORM Texas Franchise Tax Report Page 1 FILING REQUIREMENTS 13250 Annual Code 13250 Annual Taxpayer number Report year 2 0 Due date 1 4 Privilege

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How to fill out 05-158 Texas Franchise Tax:

1. Gather all necessary information and documents: Before starting to fill out the 05-158 Texas Franchise Tax form, make sure you have all the required information and documents handy. This may include your business's financial records, federal tax return information, and other relevant details.
2. Identify your entity type: The 05-158 Texas Franchise Tax form requires you to indicate your entity type, whether it's a corporation, limited liability company (LLC), partnership, or other legal structure. Choose the appropriate option that applies to your business.
3. Provide basic business information: Fill in the required fields with your business's legal name, federal employer identification number (FEIN), mailing address, and principal office address. Ensure accuracy and double-check the information before moving forward.
4. Determine your reports and calculations: The 05-158 Texas Franchise Tax form consists of different reports and calculations depending on your entity type and business activities. Review the form instructions carefully to understand which sections are applicable to you.
5. Complete the revenue and deduction sections: Report your total revenues and subtract any eligible deductions as specified in the form instructions. This may include items like cost of goods sold, compensation expenses, and other allowable deductions. Follow the instructions closely to ensure accurate calculations.
6. Calculate franchise tax liability: Once you have completed the revenue and deduction sections, use the provided formulas or tables to calculate your franchise tax liability. Depending on your entity type and annual revenue, different calculation methods may apply. Be meticulous in performing the necessary calculations.
7. Fill out the remaining sections: Complete any remaining sections of the 05-158 Texas Franchise Tax form that are relevant to your business. This may include additional schedules, apportionment factors, or other required information. Again, refer to the instructions for guidance.
8. Review and double-check: Before submitting the form, carefully review all the information you have entered to ensure accuracy. Mistakes or omissions can result in penalties or delays in tax processing. Take the time to review each section thoroughly.
9. Sign and submit: Once you are confident that all the required information is accurate, sign the form and submit it as instructed by the Texas Comptroller's office. This may involve mailing the form or filing electronically through the designated online portal.

Who needs 05-158 Texas Franchise Tax?

1. All entities that conduct business in Texas: The 05-158 Texas Franchise Tax form is required for entities that conduct business in the state of Texas. This includes corporations, LLCs, partnerships, and other legal business structures.
2. Entities exceeding the annual revenue threshold: In most cases, entities with annual revenues exceeding a certain threshold are required to file the 05-158 Texas Franchise Tax form. The threshold may vary depending on the entity type and the tax year.
3. Entities not exempted or subject to other taxes: Unless specifically exempted or subject to alternative tax requirements, entities engaged in business activities in Texas are generally obligated to file the 05-158 Texas Franchise Tax form. It is essential to consult the Texas Comptroller's office or a professional tax advisor to determine your specific obligations.

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What is 05-158 texas franchise tax?

The 05-158 Texas franchise tax is a tax imposed on entities that do business in Texas.

Who is required to file 05-158 texas franchise tax?

Entities that do business in Texas are required to file the 05-158 Texas franchise tax.

How to fill out 05-158 texas franchise tax?

The 05-158 Texas franchise tax can be filled out online or by mail with the necessary information about the entity's income and activities in Texas.

What is the purpose of 05-158 texas franchise tax?

The purpose of the 05-158 Texas franchise tax is to generate revenue for the state of Texas based on the income and activities of entities doing business in the state.

What information must be reported on 05-158 texas franchise tax?

Information such as gross receipts, allowable deductions, apportionment factors, and tax credits must be reported on the 05-158 Texas franchise tax form.