The County Seat That Kept Its Square
McKinney is the seat of Collin County and, with about 236,000 residents in the Census Bureau's 2025 estimate, one of the fastest-growing cities in the country. Its historic downtown square is still full of independent shops, restaurants and a brewery scene, while the west side has grown into a corporate and medical corridor along State Highway 121, and the east side is turning farmland into subdivisions. On November 11, 2026, McKinney National Airport began commercial passenger service. BOMCAS prepares returns for McKinney businesses remotely.
The Texas business tax page explains the franchise tax step by step. Below, the focus is McKinney's shops, breweries, builders and aviation firms.
What Gets Filed
Texas has no income tax, so the federal return carries the weight: Form 1120 or 1120-S for corporations and Form 1065 for partnerships and multi-member LLCs. Alongside it, every taxable entity in the state reports to the Comptroller for franchise tax by May 15, and companies under the no-tax-due threshold still file an information report.
Downtown Shops and Restaurants
The square's boutiques, antique dealers, galleries and restaurants are mostly owner-run. Their returns depend on inventory counts, the cost of goods sold, and whether owners pay themselves through salary or draws. Many own or lease historic buildings, where renovation costs may qualify for the federal historic rehabilitation credit when the building is a certified historic structure and the work follows the standards.
Breweries and Distilleries
McKinney's breweries pay federal excise tax and file reports with the Alcohol and Tobacco Tax and Trade Bureau, and Texas excise tax on the beer they sell. Their federal return depends on capitalising production costs into inventory, depreciating brewing equipment and separating taproom revenue from wholesale sales through distributors.
Aviation Businesses
McKinney National Airport, a busy general aviation field long before airline service began, has hosted fixed-base operators, aircraft maintenance shops, flight schools and charter operators, and commercial flights bring concessions and ground services. Aviation companies own expensive aircraft and equipment, and depreciation depends on how each aircraft is used. Charter operators must also deal with federal excise tax on air transportation.
Homebuilders and Land
East McKinney's growth keeps builders, site contractors and land companies busy. Builders carry homes and lots as inventory and capitalise interest and costs into each home. Families who sell farmland to developers often do so through land companies, and the character of the gain, whether capital or ordinary, depends on whether the land was held as an investment or developed for sale.
Event Venues and Professional Firms
Wedding and event venues around McKinney collect deposits a year or more ahead, so revenue timing matters. Law, accounting, medical and engineering practices along Highway 121 are often S corporations or partnerships, where reasonable owner compensation and the qualified business income deduction are reviewed.
Points We Check
- Inventory and cost of goods sold.
- Historic building and renovation costs.
- Excise taxes and production costs for breweries.
- Aircraft use and depreciation.
- Land held for investment or sale.
- Franchise tax reports.
The Process
Share your books, bank statements, asset additions, loan documents and last year's returns. We read through them, send one consolidated list of questions and review the draft with you before it is filed.
McKinney Business Tax Preparation Questions
Can renovating a building on the square earn a tax credit?
Possibly, through the historic rehabilitation credit if the building is certified and the work is approved.
Is the gain on selling farmland always a capital gain?
No. Land subdivided and developed for sale can produce ordinary income.
Do breweries pay franchise tax?
Yes, like other taxable entities, along with federal and state excise taxes.
Is there a McKinney income tax?
No. Texas and McKinney have no income tax.
Talk to BOMCAS About Business Tax Preparation in McKinney
The return depends on books with inventory and job costs, payroll for crews, hands and taproom staff and sales tax on venues and aircraft. Profits flow to owners' personal returns, land sales and aircraft purchases are planning questions, missed reports belong in late filing and foreign owners in cross-border tax. Statewide detail on personal returns, sales and use tax, bookkeeping, payroll, tax planning, back taxes and cross-border matters is on our Texas pages, linked together from the Texas overview.
Running a shop on the square, building in east McKinney or weighing an offer for family land? Tell BOMCAS what is going on and we will come back with what we would look at first and what a quote needs. You can use the contact page or the form below, phone 780-667-5250, or email info@bomcas.ca. The McKinney overview links every McKinney service. This is general information, not advice for your particular case.