As in other states, individuals who are considering starting their own business in Texas should know they will need to pay several taxes in order to legally operate. Determining business taxes is an important facet of creating a business because individuals must find out if their finances can settle the taxes required of them. Below are the taxes required to run a business in Texas:
- Federal taxes that are required by the IRS
- State taxes that are required by the Texas Comptroller of Public Accounts for the benefit of the state
- Local taxes or business inventory taxes required by the local County Appraisal District where the business is operating
- Unemployment taxes required by the Texas Workforce Commission
Figuring out taxes while running a business is often difficult due to the legal technicalities involved. However, if you are planning to start a business, working with an attorney will give you an edge in your chosen venture. Find out how the attorneys at Adam Pugh in Austin may be able to work for you today by calling (512) 472-2431.