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Controlling Your Taxes Your State Tax Obligations Mississippi Taxes on Business Income in Mississippi
Controlling Your Taxes Your State Tax Obligations Mississippi Taxes on Business Income in Mississippi
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PrintTaxes on Business Income in Mississippi
As in every other state, the state of Mississippi has various types of taxes. All of these tax laws are full of exceptions and extremely specific requirements. Below we have gone through the major types of tax that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.
- Franchise tax is required from most corporations doing business in Mississippi.
- Income tax on business income based on corporate taxable net income is required in Mississippi.
- Personal income tax, based on a person's income, ranges from 3 percent to 5 percent of taxable income in Mississippi.
