Does my foreign-owned LLC need to pay the Texas franchise tax even though Texas has no income tax?
I keep hearing that Texas has no state income tax, which is why I formed my LLC there. But now my accountant is telling me about a "franchise tax" or "margin tax" that I might owe. I'm a Canadian citizen running an e-commerce business through the LLC.
My LLC had about $400,000 in gross revenue last year but only about $60,000 in net profit after expenses. Do I need to file anything with Texas? Is there a minimum threshold? I thought the whole point of Texas was avoiding state taxes.
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