Most Common Taxes & Filings for a Business

By Anwuli Chukwurah

It’s a lot better to prepare for them than to get a surprise tax bill.

Taxes. They’re a necessary part of doing business, and you need to make sure you’re aware and are planning for when you’ll eventually have to cough up the money you owe the government. Tax planning is an essential part of running your business, and you need to ensure you save a portion of your net income every month when the payments are due. This post is not for non-profits — except for your annual 990 filing to let the government know you’re still alive as an organization and you won’t owe the government money.

Here are the five most common paid taxes by small business owners:

  1. Income Tax
  2. Sales Tax
  3. Payroll Tax (includes Unemployment Tax)
  4. Franchise Tax
  5. Property Tax

Income Tax

  • Frequency: Annual
  • Mandatory: Yes

This annual tax is due in March (for corporations) or April for everybody else. Work with a CPA to ensure you’re paying the right amount and you’ve taken advantage of any deductions. If you’re an LLC, your business income tax is filed with your personal income tax. Yes, just because you have a business doesn’t mean you get out of filing your own personal taxes. I’m not a tax accountant, so I always refer clients to a CPA.

Sales Tax

  • Frequency: Annual/Quarterly/Monthly
  • Mandatory: Depends on the business industry

For sales tax, I suggest you call your local sales tax office for answers. If you have no idea if you’re supposed to pay sales tax, call the local office to get a quick answer. It will save you hours scrolling through Google. This can be a cumbersome thing to figure out, depending on where you make sales. The last time I called the local office, they were very helpful and answered all my questions — no matter how stupid I thought they were. If you’re a bigger corporation, you can also work with sales tax firms or use software that tracks sales tax payments to make sure things are aligned and filed correctly.

Payroll Tax

  • Frequency: Quarterly/Monthly
  • Mandatory: Yes

If you have full-time W2 employees, you must file and pay payroll and unemployment taxes. A payroll system such as Gusto will remove the stress from these filings. Make sure you’re registered with your state’s Workforce Commission so you can connect your tax account number with your payroll system so all payments can be correctly allocated.

Franchise Tax

  • Frequency: Annual
  • Mandatory: Yes

Everyone is required to file the Franchise Tax report. The threshold for Texas is $2,470,000 in revenue, and even if you don’t have that revenue, you’re still required to file the Public Information Report or Ownership Information Report. If your company issues shares, your franchise tax report can use your share counts and amounts—this is easier, especially if you use a cap table software such as Carta.

Property Tax

  • Frequency: Annual
  • Mandatory: Depends on if you own property

If you owe any property, you’re required to pay property tax. Properties include land, buildings, and any improvements you’ve made. It also includes tangible personal property used in the “production of income,” such as furniture, inventory, machinery, supplies, etc. Due dates vary based on county, so call your local office to confirm the date.

So, if you don’t want to be hit with a tax bill that the government thinks you owe them, be proactive with your filings. There’s nothing more shock-inducing than getting a bill for $100K when you know that number couldn’t be right. Also, form a relationship with a CPA (Tax Accountant) at the beginning of your business so they can make sure you pay the right amount of taxes and show you how to achieve that as a business.

About the author:

Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.

Find the Spanish version here.

SMBR Announces Partnership with EBGI to Empower Small, Minority and Women-Owned Businesses

SMBR Announces Partnership with EBGI to Empower Small, Minority and Women-Owned Businesses

Austin, TX – The City of Austin’s Small and Minority Business Resources Department (SMBR) is thrilled to
announce a new partnership with the Economic Growth Business Incubator (EGBI). The collaboration is
set to significantly enhance the support services available for the City’s small, minority and women-
owned business enterprises (MBE/WBE) by focusing on crucial aspects of business growth and city
procurement processes.

A New Era of Business Support and Growth

“Through this partnership, we are reinforcing our commitment to the growth and success of small,
minority and women-owned businesses in Austin,” said Director of SMBR Edward Campos.

“Collaborating with EGBI allows us to offer a more comprehensive range of services tailored to the
unique challenges our small, minority-and -women-owned businesses face.”

For more than 20 years, EGBI has provided training, coaching and support to aspiring and existing
business owners who face barriers to growing a successful business.

“EGBI has always been where the community needs it, and we’re excited to partner with SMBR in this
endeavor. We provide three times the average coaching hours than most business incubators – and
SMBR comes with their impact. Our goal is to provide sustainable growth and success for the businesses
that provide traction to our economy,” said Executive Director of EGBI Larissa Davila. “We believe that
through this collaboration, we can make a significant difference in the Austin business community.”

Commitment to Continuous Improvement

The partnership will encompass a variety of services aimed at strengthening the business capabilities of
Orientation and Training: Firms will receive comprehensive guidance on navigating the City of
Austin Finance Online website, enhancing their ability to submit bids and secure city contracts.
Business Coaching: Expert coaching will cover an array of topics including business strategy,
financial management, preparation for financing applications, and navigating city payment
Financial Operations Support: Assistance in adopting more reliable systems for tracking financial
operations, including setting up and training on QuickBooks Online.
Hands-On Assistance: Firms will learn how to effectively utilize financial reports for business
management and gain insight into finding and responding to contracting opportunities.

A Step Forward in Economic Development and Social Mobility

The partnership represents a significant step in fostering business development and economic mobility
in Austin. By empowering small, minority and women-owned businesses, the City of Austin reaffirms its
commitment to creating an inclusive and thriving business environment.

How to Get Involved
To receive training, coaching, and/or support from EGBI, small and minority-owned businesses will need
to complete a short intake form that is available on the City’s website. Firms will then need to submit
the form to SMBR’S Program Manager I Catherine Sak at or


About SMBR
The Small and Minority Business Resources Department (SMBR) administers Minority-Owned, Women-
Owned, and Disadvantaged Business Enterprise Procurement Programs for the City of Austin. Our
mission is to promote access and equity on City of Austin contracts, providing economic opportunity to
small, minority-owned, women-owned, and disadvantaged businesses.
About EBGI
Economic Growth Business Incubator (EGBI) is a small business incubator or business accelerator
established in 2003 in collaboration with several community entities including the Greater Austin
Hispanic Chamber of Commerce and the Housing Authority of the City of Austin. In 2023, EGBI was
recognized as the No. 1 incubator in Central Texas by the Austin Business Journal and in 2024 the
incubator received the CAN Butler Award for Spirit of Collaboration and the Candid Platinum Seal for
Transparency, and Best Places to Work for Working Parents.
EGBI provides business coaching to entrepreneurs in Central Texas wanting to start and/or grow a
business. Up until 2024, our organization has provided over 4,200 hours of business coaching in
bookkeeping, sales, marketing, business planning, online presence, government contracts and similar
topics to provide traction to small business owners.

Honoring Frofessional for winning the committee’s Choice Award

By Rutu Ruparel

We are thrilled to extend our heartfelt congratulations to FroFessionals for being honored with the Committee’s Choice Award from the Austin Community Foundation’s Black Fund. This award is a testament to the unwavering dedication of FroFessionals in addressing the unique needs of black, brown, and biracial individuals with textured hair.

EGBI’s client,  FroFessionals, are a subscription-based platform, connecting individuals with professionals and product vendors who understand and cater to the diverse needs of kinky, coily, curly, and mixed-textured hair. Recently (on February 13th, 2024) FroFessionals was awarded the Committee’s Choice Award through the Austin Community Foundation’s Black Fund (a beacon of support for black-led nonprofit organizations) and joined the ranks of other eminent, Austin Based Nonprofit Organizations such as Black Mamas ATX and Real Queens Fix Each Other’s Crowns.  The awards ceremony, hosted by Hutson-Tillotson University, was a celebration of achievement and culture. FroFessionals’s recognition at this event underscores the impact they’ve had on their community and the importance of their mission.

Moreover, FroFessional intends to use their award to advance their mission of increasing access to quality, consistent, and culturally relevant mental health care for historically underserved members of BIPOC communities in the greater Austin area. A commendable mission that is guaranteed to create a further positive impact on their community.

We are proud to celebrate FroFessionals’ success and commitment to making a difference. Additionally, we look forward to seeing the continued positive impact FroFessionals will have on the community.

Congratulations, FroFessionals, on this well-deserved recognition, and we applaud your ongoing efforts to create positive change in our community!

Find the Spanish version here.

Meet EGBI Volunteer – Maria Hoffman

By Bego Calderon

Born in Venezuela, Maria holds a bachelor’s in architecture and a marketing certificate. As a new degree holder, she had the opportunity to work in trade shows’ booth design and production, translating into more than ten years of work in the field of trade shows and corporate image. Later, she moved to the United States and worked in higher education administration spearheading the student services department in a private university. For more than a decade she worked developing student services procedures and training with a particular concentration on students’ non-academic matters assistance, regulations compliance, campus safety, handbook revision and update, student onboarding, and major university events.

Her responsibilities as a student services administrator also provided her with an open door for community service, getting involved in organizing fundraising and awareness events to support national and local organizations, overseeing, and advising students’ clubs and associations, and mentoring the Student Government Association.

Her volunteer work led her to act as a mentor for a non-profit organization, Youth and Democracy in the Americas. Being its Mission to raise awareness regarding the situation of democracy in Latin America, it successfully progressed attaining the support of the Secretary-General of the Organization of American States Luis Almagro, several US Senators and Representatives, national and foreign student organizations, and various other non-profit organizations.

More recently, Maria has been involved in e-commerce and logistics having among her duties the translation and interpretation of meetings, training, and documents for limited English proficient team members. In her spare time, she volunteers as an assistant instructor for an early literacy for adults’ program, and as an English-Spanish translator and interpreter for non-profit organizations.

Maria shares her experience as a volunteer with EGBI.

Share a fun fact with us.

I love to swim in cold waters but not on the beach or rivers. I prefer to swim by jumping off of a boat, in the clear shallow blue waters of the open sea.

“It is an exciting opportunity to learn about EGBI’s work and mission” – Maria Hoffman

-How did you first get involved with EGBI?

I was looking for opportunities to volunteer and got involved with EGBI through Volunteer Match.

-Why do you volunteer for EGBI?

It’s an opportunity that allows me to give back to the community. On the other hand, I have the chance to put into practice my translation skills, which is something I highly enjoy.

-How has your involvement with EGBI helped you grow professionally and personally?

Professionally I believe it is an exciting opportunity to learn about EGBI’s work and mission. Personally, EGBI provides me with the rewarding feeling of being of help for a good cause.

– What was the most rewarding experience you had while volunteering for EGBI?

I’m new to EGBI, yet I appreciate the opportunity to collaborate to spread the voice about the resources available for small businesses and entrepreneurs.

– Why do you think others should volunteer or support EGBI?

Helping small businesses and entrepreneurs to succeed is very important, and volunteering with EGBI increases the opportunities to accomplish that goal.

EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to support our efforts, please visit our website

Meet EGBI Volunteer – Jesus Nevarez

By Bego Calderon

Jesus is a Financial Center Manager at Independent Financial, where he manages the retail side for the Austin location. He is responsible for the day-to-day operation, expanding the business of the branch and small business development.

He has been working in banking for over ten years across the state of Texas. Jesus focuses on developing deep ties in the communities he works, and helping persons reach their financial goals. He has worked on a variety of entrepreneurship programs and financial literacy classes, delivering them in person and virtual platforms.

Jesus shares his experience as a volunteer with EGBI.

Share a fun fact with us.

I occasionally write short stories, and give them out to my friends. Nothing major, but I enjoy writing literary fiction. Slices of life that give a glimpse of what we go through daily. They are cathartic.

“Volunteering at EGBI is a great way to help our community.” – Jesus nevarez

How did you first get involved with EGBI?

I had just moved to the city, and I was still struggling to get acclimated. I had reached out through email to know how I could help. I had researched EGBI, and my perception was that they are a great resource to our local entrepreneurs.
Monica Peña reached back, and invited me to an EGBI event.
Thereafter, I asked if I could assist in some of the classes that EGBI does for entrepreneurs. Since that point, I’ve been enjoying being a volunteer for EGBI at different stages and programs.

Why do you volunteer for EGBI?

Small business are the lifeblood of our communities, and entrepreneurship is a pathway to achieve financial security. I believe in what EGBI does, and the persons that run the organization truly have their hearts in it. I like to help persons get better, and some of the entrepreneurs and small business owners that attend EGBI just need a hand to reach the next level. I work at Independent Financial, where we try to build healthy communities. They have supported me in this endeavor.

-How has your involvement with EGBI helped you grow professionally and personally?

Professionally it has allowed to me see what the small business community needs in Austin. Understand their concerns and their aspirations. It has connected me with other persons across the city that are also looking to assist our entrepreneur
Personally, well, just meeting new persons. Moving to a new city, with no family or professional network can be difficult. I’ve met so many persons in the classes, and accelerated my knowledge of the city and its resources.

What was the most rewarding experience you had while volunteering for EGBI?

There was a presentation in the last quarter of 2022. They were presenting the persons that had graduated from the program. Hearing all those stories of success, allowed me to see the tremendous impact that EGBI has in our city.

Why do you think others should volunteer or support EGBI?

Volunteering at EGBI is a great way to help our community. EGBI has a develop great systems to understand entrepreneurs at different levels of their business journey. They are in the business of helping people get better, that is something that we could all do.

EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to support our efforts, please visit our website