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This document is a tax return form for corporations operating in Mississippi, detailing corporate income and franchise taxes.

How to fill out mississippi corporate income and

How to fill out Mississippi Corporate Income and Franchise Tax Return

1. Gather all necessary financial documents such as income statements and expense records.
2. Determine the correct tax year you are filing for.
3. Complete the corporate information section, including your corporation's name, address, and federal ID number.
4. Fill out the income section by reporting gross income, deductions, and any exemptions.
5. Calculate the Mississippi taxable income by subtracting deductions from gross income.
6. Determine the franchise tax by multiplying the appropriate rate by the taxable capital.
7. Complete the payment section, including any balance due or refund expected.
8. Review the return for accuracy and completeness.
9. Sign and date the return, and make a copy for your records.
10. Submit the return by the due date to avoid penalties.

Who needs Mississippi Corporate Income and Franchise Tax Return?

1. Any corporation doing business in Mississippi.
2. Corporations that have gross income attributable to Mississippi.
3. Corporations that are registered or required to register with the Mississippi Secretary of State.

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 tax form that corporations operating within the state of Mississippi must file to report their income and calculate their franchise tax liabilities.

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

Corporations that are registered or doing business in Mississippi, as well as corporations that earn income from sources within the state, 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 provide information on their total income, allowable deductions, and calculate their taxable income, along with the owed franchise tax, which is typically a percentage of their capital.

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 report a corporation's taxable income and to ensure the corporation pays the appropriate amount of tax based on its income and franchise activity in Mississippi.

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

The return must report information including total revenue, deductions, taxable income, the calculated franchise tax, and any other relevant financial data required by the Mississippi Department of Revenue.