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Accounting and Bookkeeping Services in Midland, Texas
Midland's small business owners trust 1-800Accountant's expert CPAs manage their bookkeeping and tax preparation so they can focus on what matters most: growing their business.
Our Accounting Services for Midland Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by a CPA with expertise in your industry so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Midland tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business tax advisor. Strategic planning helps minimize your business tax liability in Texas throughout the year while ensuring compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Midland, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in Texas with our complimentary incorporation services. Simply cover any Midland fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
Discussing your business taxes with 1-800Accountant is quick and easy:
- Set up a time for us to give you a call.
- Tell us what’s going on with your business.
- Get matched with an accountant who knows your industry & local regulations.
| Level | Rate |
|---|---|
| State Tax Rate | 6.25% |
| County Tax Rate | 0.75% |
| Municipal Tax Rate | None |
| Combined Sales Tax Rate | 7.00% |
| City-Specific Taxes |
|---|
| Texas charges a franchise tax on a business’s margin: 0.75% for most businesses and 0.375% for wholesalers and manufacturers. Annual reports and payments are due by May 15 each year. |
| Licenses and Permits |
|---|
| In Midland, Texas, businesses must register with the Texas Secretary of State or county clerk's office instead of obtaining a general business license. |
| Vendor permits are required for any business operating as a vendor in Midland, which includes an annual background check by the Midland Police Department. |
| Food-related businesses need to obtain a Health Permit from the City of Midland. |
| If you're operating under a name different from your legal name, you must file an Assumed Name Certificate (DBA) with the Midland County Clerk's office. |
| Businesses selling taxable goods or services must secure a Sales Tax Permit from the Texas Comptroller's Office. |
| Grants and Funding in Midland | Grants and Funding Information |
|---|---|
| Midland Development Corporation (MDC) Incentives | The MDC provides various incentives to qualified businesses, including job creation grants, workforce skills training support, and performance-based agreements. These incentives aim to support growth and diversification of Midland's local economy. All incentives require approval by the MDC Board and Midland City Council. |
| Chapter 380 Economic Development Agreements | Under Chapter 380 of the Texas Local Government Code, the City of Midland offers grants and other incentives to support commercial and retail projects located within city limits. Applications must be reviewed and approved by the Midland City Council. |
| Midland Hispanic Chamber of Commerce Micro Grant | In partnership with the MDC, this program offers a $1,000 grant each month to a local small business. Eligible businesses must be Midland-based, operational for at least six months, have fewer than 50 full-time employees, and generate under $5 million in annual revenue. Both for-profit and nonprofit entities with active Chamber involvement can apply. |
| Small Business Resources & Counseling | While not direct funding, the Midland College Business & Economic Development Center provides free business counseling, workshops, and credit guidance to help local businesses strengthen their operations and funding applications. |
What to Look for in Midland, Texas Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Midland small business, you should consider the following factors:
Certifications and State Compliance: Verify the accountant or bookkeeper holds proper credentials, such as CPA licensure. They should demonstrate thorough knowledge of Texas tax regulations, particularly those affecting businesses in the Permian Basin region. A qualified professional will help you navigate both state requirements and Midland-specific business regulations.
Experience in Energy and Emerging Industries: Seek professionals with experience serving Midland's diverse economic sectors. While oil and gas expertise remains essential in "The Tall City," your accountant should also understand financial considerations for businesses in growing sectors like aerospace, healthcare, and logistics. This specialized knowledge proves invaluable for industry-specific tax planning and financial management.
Understanding of Local Economic Fluctuations: Find an accountant familiar with Midland's unique economic cycles tied to energy production. A local professional understands how regional economic trends affect your business cash flow, helping you develop appropriate financial strategies during both boom periods and downturns common to the Permian Basin economy.
Knowledge of Texas Business Incentives: Texas offers numerous tax advantages for businesses, including no state income tax and various incentives for job creation and capital investment. A knowledgeable Midland accountant can help you maximize these benefits while navigating local tax considerations specific to Midland County and the surrounding area.
Talk to a business tax expert today for all your tax needs in Midland.
Additional Texas Accounting Resources:
Navigating Small Business Taxes in Texas
How to Start a Business in Texas: 10 Steps
How to Set Up an S Corp in Texas
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.