Get the free Tennessee Franchise and Excise Tax Guide

Tennessee Franchise and Excise Tax Guide September 2017Franchise And Excise Taxes Dear Tennessee Taxpayer, This franchise and excise tax guide is intended as an informal reference for taxpayers who

How to fill out tennessee franchise and excise

How to Fill Out Tennessee Franchise and Excise:

1. Determine if you meet the criteria: Before filling out the Tennessee Franchise and Excise tax forms, it’s essential to determine if your business is subject to these taxes. Generally, businesses that have a substantial presence in Tennessee or earn significant income from activities within the state are required to file.
2. Gather necessary information: Collect all the relevant financial and business-related information that will be needed to complete the forms accurately. This may include details about your business structure, income, expenses, assets, and liabilities.
3. Obtain the necessary forms: Visit the official website of the Tennessee Department of Revenue to access the appropriate franchise and excise tax forms. The forms can usually be downloaded or completed online.
4. Complete the identification section: Start by filling out the identification section of the form, providing your business's legal name, tax identification number, and contact information as requested. Double-check this information to ensure its accuracy.
5. Report business income: Proceed to report your business income for the appropriate tax year. This may include details of gross receipts, sales, or revenue earned in Tennessee. It's crucial to calculate these figures accurately and follow any specific instructions provided in the instructions accompanying the forms.
6. Deduct allowable expenses: Deduct any allowable business expenses from your reported income. Ensure that you only include legitimate and documented expenses that comply with Tennessee tax laws.
7. Calculate franchise and excise tax: Utilize the instructions provided with the form or refer to the Tennessee Department of Revenue website to calculate the correct franchise and excise tax owed based on your reported income and business structure.
8. Complete additional sections: Fill out any additional sections or schedules required by the specific franchise and excise tax forms. This might include disclosing information about apportionment, tax credits, or other exclusions or deductions that may be applicable to your business.
9. Review and double-check: Before submitting the forms, carefully review the information you have entered to ensure accuracy and completeness. Mistakes or omissions could lead to delays or penalties.
10. File the forms: Submit the completed franchise and excise tax forms to the Tennessee Department of Revenue by the applicable filing deadline. Consider filing electronically for a faster and more efficient process.

Who Needs Tennessee Franchise and Excise:

1. Businesses operating in Tennessee: Any business that operates within the state of Tennessee and meets the specified criteria for franchise and excise tax liability is required to file these taxes. This includes corporations, limited liability companies, partnerships, single-member LLCs, and other legal business entities.
2. Businesses with substantial presence or income: The franchise and excise tax applies to businesses that have a substantial presence in Tennessee, often referred to as "doing business" within the state. Additionally, businesses that earn significant income from activities conducted in Tennessee, even if they are not physically located within the state, may also be subject to these taxes.
3. Specific industries and activities: Certain industries or activities may have additional criteria or exemptions concerning franchise and excise taxes. It's important to consult the Tennessee Department of Revenue or a tax professional to determine if your business falls within any specialized rules or requirements.

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What is tennessee franchise and excise?

Tennessee franchise and excise is a tax levied on businesses operating in Tennessee.

Who is required to file tennessee franchise and excise?

Businesses operating in Tennessee are required to file Tennessee franchise and excise.

How to fill out tennessee franchise and excise?

Tennessee franchise and excise can be filled out online through the Tennessee Department of Revenue website or by mailing in a paper form.

What is the purpose of tennessee franchise and excise?

The purpose of Tennessee franchise and excise is to generate revenue for the state from businesses operating within its jurisdiction.

What information must be reported on tennessee franchise and excise?

Information such as gross receipts, net earnings, and deductions must be reported on Tennessee franchise and excise.