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Working income tax free in Texas may seem great first. It's got a huge job economy with plenty of opportunities and, don't forget, no income tax. But living in Texas can be expensive when sales, gasoline, property and other taxes are come into play.
Whether you live in San Antonio, Houston or Austin, you'll need to account for the various state and federal taxes in your budget, including everyday sales and gasoline taxes. It can be easy to get lost in all of the taxes you'll owe, so use the information in LawInfo's Texas tax law articles to become familiar and to avoid penalties.
Since Texas doesn't have an income tax to support the bulk of its state revenue, it compensates by charging increased rates on other taxes. Texas's top three critical sources of tax revenue are:
“Sin” taxes are levied on consumer products like alcohol, tobacco and gambling — wherever these things are legalized. They act as additional sales taxes (a.k.a. excise taxes) for products or services that are culturally perceived as vices. Sin taxes are meant to dissuade consumers from purchasing or using the taxed products or services without making them illegal.
Texas's sin tax rates in 2017 are:
Marijuana isn't taxed because it hasn't been legalized for recreational or medical use in Texas. Gambling is also illegal and untaxed in Texas except for pari-mutuel taxes on horse and greyhound racing bets. Sin taxes are collected for use in Texas's All-Funds and General Revenue tax collections, the state's major sources of revenue.
Texas's Comptroller of Public Accounts acts as a unified tax collector. The government office of Comptroller is a popularly elected position with a term of four years similar to other offices in Texas's executive branch. The Comptroller's duties include:
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified tax lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local tax attorney to discuss your specific legal situation.