Texas: No Tax Due Report? Don't Get Your Stetson in a Twist!
Howdy, partners! Tax season might be over, but for some folks in the Lone Star State, there's one more hurdle to jump: the notorious No Tax Due Report. Now, this report doesn't involve wrangling steers or dodging tumbleweeds, but it can sure feel like a mystery wrapped in an enigma (with a side of mesquite).
Fear not, fellow Texans! This here guide will have you filing that report with more finesse than a two-steppin' champion. But first, some essential intel:
Hold on to Your Hat: You Might Not Even Need to File!
That's right, folks. As of 2024, the good folks at the Texas Comptroller's office have thrown us a lasso in the form of relaxed filing requirements. Here's the lowdown:
- If your business lassoed in less than $2.47 million in total revenue this year (and the year before, bless your cotton socks), then you're likely exempt from filing the No Tax Due Report. That's right, put your filing boots away and celebrate with a plate of armadillo chili!
But Hold Your Horses! There Are Exceptions...
Now, before you start a jig, there are a few exceptions to this newfound tax filing freedom. If any of these critters mosey on to your ranch, then you might still need to file:
- REITs (Real Estate Investment Trusts): These tax-advantaged critters gotta file something called a Public Information Report (PIR) or an Ownership Interest Report (OIR). Don't ask me why, but that's the way the cookie crumbles (or in this case, the pecan pie cools).
- Zero Texas Gross Receipts: Even if your business didn't bring in a longhorn's worth of revenue in Texas, you might still need to file a specific form to report that big ol' zero. Don't worry, it's not too complex, but best to check with the Texas Comptroller to be sure.
Okay, So I Gotta File. Now What? (Don't Panic!)
If you're not one of the lucky tax-exempt wranglers, don't fret! Filing the No Tax Due Report (which used to be a thing) has been discontinued for 2024 and beyond. That means no more wrangling with forms and websites (yeehaw!).
But There's Still a Step, Partner...
Even though the official No Tax Due Report is kaput, some entities (like those zero Texas gross receipts folks we mentioned) might still need to file a different form to report their tax situation. So, it's always a good idea to check with the Texas Comptroller's office for the latest updates. You can find them online or give them a friendly ring at 1-800-531-5441.
And There You Have It, Folks!
Filing that No Tax Due Report (or lack thereof) shouldn't leave you feeling more parched than a jackrabbit in July. Remember, a little research and a healthy dose of Texas grit will see you through. Now, go forth and conquer that tax season to-do list, then saddle up and enjoy some well-deserved peace of mind (and maybe a slice of pecan pie, because why not?).
