First, I am not a tax specialist, so make sure to double check my info. I also have a CPA that checks my taxes.
With an LLC or sole-proprietor or partnership; you only have to pay income taxes once. If you create an s-corp then you would have to pay income taxes on the company and your personal taxes.
DON'T FALL BEHIND ON YOUR TAXES. This will cost you your business and personal life.
I can't comment on Texas' taxes, but I can give you federal tax structure info.
941 paid quarterly until you have over $2,500 in taxes due for the quarter (then monthly payments when over $2,500) -----> http://www.irs.gov/pub/irs-pdf/f941.pdf
940 paid yearly -------> http://www.irs.gov/pub/irs-pdf/f940.pdf
(this is 2012, 2013 paperwork not out for this)
1040-ES paid quartarly for personal taxes, you are taxed on all profits in the business------> http://www.irs.gov/pub/irs-pdf/f1040es.pdf
W-3 filled out yearly -------> http://www.irs.gov/pub/irs-pdf/fw3.pdf
(see below website for filling this out)
Pay your 940 and 941 online, but you still have to file a paper 940 and 941 -----> https://www.eftps.gov/eftps/index.jsp
Fill out the W-3 online -----> https://secure.ssa.gov/acu/LoginWeb/...?SUITE=IRESBSO
With all of these taxes, make sure you take them out of your account BEFORE you pay yourself. Otherwise taxes will "sneak up" on you at the end of the quarter. Here is the steps you should take:
1. Open a checking account for the business and only do business out of that account. (no personal stuff out of this account and no business out of your personal account)
2. Put the money you take in from clients into this account.
3. Pay bills for the business out of this account (tools, solution, etc.)
4. every time you pay your team members, make sure to deduct the taxes withheld (both company and employee) from your checking account. Our bank allows us to open as many savings accounts as we want for free. I take the taxes from every paycheck into the savings account so I have the money when it is due.
5. At the end of the month the balance in the checking account is your profit. Take 20% of that to pay for federal income taxes (your 1040) and then write yourself your own check for your income and deposit that into your personal account. Again, I have a separate savings account for the taxes, so in total I have 2 tax savings account, income taxes and then one for business taxes.
Hope that helps