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Tax Update as of October 1, 2009
 
Texas Margin (Franchise) Report No Tax Due Revenue Threshold Increased to $1 Million
 
House Bill 4765 was signed into law and amended Tax Code Section 171.002 to increase the revenue threshold for no tax due from $300,000 to $1 million.  Taxable entities with total revenue of $1 million or less will have no tax due, but must still file a report.  This increase is effective for reports originally due on or after January 1, 2010, and expires on December 31, 2011.  The threshold becomes $600,000 for reports originally due on or after January 1, 2012. 
 
 
 
 
Tax Update as of June 4, 2009
 
Increased Texas Margin Tax Revenue Exemption Nears Final Passage
 
Texas House Bill 4765, which increases the margin tax total revenue exemption from $300,000 to $1 million for Texas Franchise Tax Returns filed in 2010 and 2011 and then sets the exemption at $600,000 for subsequent years, has passed the Texas Legislature.  Governor Rick Perry is expected to sign the bill.
 
 
 
 
 
Tax Update as of March 26, 2009
 
According to the IRS, 5.6 million people were receiving unemployment benefits in the middle of March 2009.
 
Under the American Recovery and Reinvestment Act, enacted last month, every person who receives unemployment benefits during 2009 is eligible to exclude the first $2,400 of these benefits when they file their tax return next year.  For a maried couple, the exclusion applies to each spouse, seperately.  Thus, if both spouses receive unemployment benefits during 2009, each may exclude from income the first $2,400 of benefits they receive.
 
This new law does not affect returns taxpayers are filing right now.  Unemployment benefits received in 2008 and prior years remain fully taxable.
 
 
 
 
Tax Update as of December 5, 2008
 
 
Beginning on January 1, 2009, the standard mileage rate for the use of a car (also vans and pickups) will be:
  • 55 cents per mile for business miles driven (down 3.5 cents from the rate that took effect in July 2008)
  • 24 cents per mile for medical or moving expenses (down 3 cents from the rate in July 2008)
  • 14 cents per mile driven in service of charitable organizations (unchanged from 2008)

Do not forget to claim the cost of business parking and tolls if the above standard mileage rate is used.  The standard mileage rate does not include parking and tolls.



The discussions herein is general and is provided for informational purposes only.  There is no guarantee as to its accuracy or completeness.  It is not intended as legal or tax advice and individuals may not rely upon it (including for purposes of avoiding tax penalties imposed by the IRS or state and local authorities).