New Bookkeeping & Tax Update
Texas Small Business Tax and Bookkeeping Updates: What You Need to Know in 2025
As a small business owner in the Lone Star State, staying on top of tax and bookkeeping changes is crucial for your success. Let's dive into the latest updates that could impact your business in 2025.
Franchise Tax Threshold Increase
Good news for many Texas businesses! The no tax due threshold for the Texas franchise tax has been bumped up to $2.47 million for reports due on or after January 1, 2024. What does this mean for you? If your business's annualized total revenue falls below this threshold, you're no longer required to file a No Tax Due Report. However, don't forget that you still need to file ownership information reports.
Federal Tax Adjustments
The IRS has released tax inflation adjustments for 2025, which could affect your business's bottom line. Some key changes include:
Standard deduction for single filers increased to $15,000
Standard deduction for married couples filing jointly rose to $30,000
Adjustments to marginal tax rates
Make sure to consult with your tax professional to understand how these changes might impact your business's tax strategy.
Texas Small Business Tax Calculator
Have you heard about the online Texas small business tax calculator? It's a fantastic tool provided by the Texas Comptroller to help you estimate your annual taxes. By inputting your entity type, income, and deductions, you can get a clearer picture of your tax obligations. This can be invaluable for tax planning and avoiding those pesky underpayment penalties.
Legislative Priorities for 2025
The National Federation of Independent Business (NFIB) has outlined its top legislative priorities for Texas in 2025. These include:
Cutting the inventory tax
Rolling back burdensome regulations
Promoting a balanced civil justice system
Keep an eye on these initiatives as they could significantly impact your business environment in the coming years.
Embracing Outsourced Bookkeeping
More and more Texas small businesses are turning to outsourced bookkeeping and accounting services. This trend can help simplify your finances, reduce costs, and allow you to focus on what you do best – growing your business. If you haven't considered this option yet, it might be worth exploring in 2025. Fortune Bookkeeping & Business Services LLC can help you in achieving your goal. Book free consultation https://calendly.com/tarique-fortunebookkeeping/discovery-call
Stay Informed and Prepared
As we navigate through 2025, it's crucial to stay informed about potential changes in tariffs and tax legislation. These changes can have a significant impact on your business operations and profitability. Consider working closely with an accountant or tax advisor to ensure you're making the most of available deductions and credits while staying compliant with all regulations.
Remember, staying on top of these updates isn't just about avoiding penalties – it's about positioning your business for success in the ever-changing Texas business landscape. Here's to a prosperous 2025 for your small business!