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This document is a tax return form used by corporations to report income and pay franchise taxes to the state of Mississippi for the year 2004.

How to fill out mississippi corporate income and

How to fill out Mississippi Corporate Income and Franchise Tax Return

1. Gather necessary documents such as your financial statements, previous tax returns, and any supporting schedules.
2. Download the Mississippi Corporate Income and Franchise Tax Return form (Form 1120) from the Mississippi Department of Revenue website.
3. Fill in the basic information at the top of the form, including the corporation’s name, employer identification number (EIN), and address.
4. Complete the income section, reporting total gross income and any exempt income.
5. Deduct allowable expenses to determine net income using the specified guidelines.
6. Calculate the Mississippi corporate income tax owed using the appropriate tax rates from the instructions provided.
7. If applicable, complete the franchise tax section, using the total assets to determine the tax due.
8. Ensure to sign and date the return, noting the preparer’s information if applicable.
9. Submit the return by the due date, either electronically or by mailing it to the designated address.
10. Keep a copy of the return and all supporting documents for your records.

Who needs Mississippi Corporate Income and Franchise Tax Return?

1. Any corporation doing business in Mississippi, including C corporations, S corporations, limited liability companies (LLCs) that elect to be treated as corporations for tax purposes.
2. Corporations with income exceeding the thresholds set by the Mississippi Department of Revenue.
3. Firms that are registered in Mississippi and are subject to the state’s corporate income and franchise taxes.

People Also Ask about

Who is required to file a Mississippi tax return?

All Mississippi residents or those earning income in the state that exceeds allowable deductions and exemptions must file a state income tax return. Nonresidents and part-year residents who earn Mississippi income may also need to file.

Is foreign corporate income taxable in US?

6460, U.S. Income Taxation of Foreign Corporations, describes the Internal Revenue Code provisions applicable to foreign corporations. The United States asserts jurisdiction to tax foreign corporations only if they are engaged in business in the United States or receive income from sources within the United States.

Do I have to file a Mississippi state tax return as a non-resident?

You should file a Mississippi Income Tax Return if any of the following statements apply to you: You have Mississippi income tax withheld from your wages (other than Mississippi gambling income). You are a non-resident or part-year resident with income taxed by Mississippi (other than gambling income).

What is the franchise tax in Mississippi?

Franchise Tax This tax is imposed on corporations or associations doing business in Mississippi. The Franchise tax is calculated at $2.50 per $1,000 of the value of the capital employed or the assessed property values in Mississippi, whichever is greater. The minimum franchise tax payment due is $25.

Does a non-resident have to file a tax return?

If you are living and working in the U.S. as a nonresident alien, you may be required to file a federal tax return. The Internal Revenue Service (IRS) considers you a nonresident alien if you are not a lawful permanent resident (Green Card holder) or do not pass their substantial presence test.

Do I have to file taxes in Mississippi?

The Mississippi and federal tax filing deadline is April 15, 2025. Mississippi has begun phasing out its income tax, but filing is still required for 2025.

Do I have to file a Mississippi state tax return as a non-resident?

You should file a Mississippi Income Tax Return if any of the following statements apply to you: You have Mississippi income tax withheld from your wages (other than Mississippi gambling income). You are a non-resident or part-year resident with income taxed by Mississippi (other than gambling income).

Do I have to file state taxes if I don't live in the US?

State tax residency determines whether a U.S. expat must file and pay state income taxes. Residency is generally based on physical presence and intent. Many states consider you a resident if you maintain a domicile — your permanent legal home — even if you're living abroad.

For pdfFiller’s FAQs

What is Mississippi Corporate Income and Franchise Tax Return?

The Mississippi Corporate Income and Franchise Tax Return is a form that corporations doing business in Mississippi use to report their income and calculate the taxes owed to the state.

Who is required to file Mississippi Corporate Income and Franchise Tax Return?

All C-corporations that engage in business activities in Mississippi or have income sourced from Mississippi are required to file the Mississippi Corporate Income and Franchise Tax Return.

How to fill out Mississippi Corporate Income and Franchise Tax Return?

To fill out the Mississippi Corporate Income and Franchise Tax Return, corporations must complete the appropriate form by entering their financial information, including gross income, deductions, and any credits, and then calculate the tax due.

What is the purpose of Mississippi Corporate Income and Franchise Tax Return?

The purpose of the Mississippi Corporate Income and Franchise Tax Return is to assess and collect taxes on corporate income earned within the state, ensuring compliance with state tax laws.

What information must be reported on Mississippi Corporate Income and Franchise Tax Return?

The Mississippi Corporate Income and Franchise Tax Return must report information including total gross income, tax deductions, taxable income, and calculation of franchise taxes owed.