If you are a business owner in Texas, you are required to file the 05-102 Public Information Report with the Comptroller of Public Accounts. This report provides information on sales and use taxes, local sales and use taxes, and certain franchise taxes. Filling out this report may seem daunting at first, but with the right preparation and knowledge, it can be done efficiently and accurately.
Here is a step-by-step guide on how to fill out the 05-102 Public Information Report:
1. Gather your information: Before starting the form, ensure that you have all the necessary information. This includes your business name, address, sales and use tax account number, and franchise tax reporting information.
2. Determine your reporting period: The reporting period is the time frame for which you are reporting your taxes. The 05-102 Public Information Report is typically filed annually, so ensure that you select the correct year.
3. Complete the first section: In the first section of the form, you will provide basic business information such as your legal name, address, and phone number. You will also be required to enter your sales and use tax account number and the date your fiscal year begins and ends.
4. Enter your sales and use tax information: In the second section, you will be required to enter your sales and use tax information. This includes your gross sales and taxable purchases made in Texas. It is important to note that you need to separate the sales and purchases made within Texas from those made outside of the state.
5. Include your local tax information: In the third section, you will enter your local sales and use tax information. This includes the local taxes collected and the sales and purchases made within each local tax jurisdiction.
6. Complete the final section: The final section includes information related to your franchise tax reporting. You will need to enter your total revenue, tax paid, and calculate your franchise tax liability.
7. Double-check your work: Before submitting your report, double-check all the information you have entered. Ensure that you have included all the necessary information and that your calculations are correct.
In conclusion, the 05-102 Public Information Report may seem complex at first, but with these steps, you can fill it out accurately and efficiently. Remember to gather all your necessary information, determine your reporting period, and carefully enter your sales and use tax and local tax information. As always, double-check your work before submitting your report.
