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Controlling Your Taxes Your State Tax Obligations Tennessee Taxes on Business Income in Tennessee
Controlling Your Taxes Your State Tax Obligations Tennessee Taxes on Business Income in Tennessee
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As in every other state, the state of Tennessee has various types of taxes. All of these types of tax 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 Tennessee.
- Income tax on business income computed based upon corporate taxable net income is required in Tennessee.
- Personal income tax, based on interest and dividends received, is computed at 6 percent in Tennessee.
