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Tennessee Department Of Revenue, Tennessee Tax

Tennessee Business Corporate Tax, Tennessee Personal Income Tax, Tennessee Sales Tax Rates

What are the Tennessee corporate net income tax rates?

All Corporations, LLCs, and Partnerships, regardless of their tax status with the IRS, are subject to the Tennessee Franchise tax and Tennessee Excise tax.

The franchise tax has a minimum payment of $100. Franchise tax is figured at .25% of the net worth of corporation or the tangible property.

The excise tax is 6.5% of the net taxable income made in TN.

What is the Tennessee personal net income tax rate(s)?

6% of taxable income. Individual tax in TN is imposed only on dividends and interest from bonds, notes, and stock.

What is the average Tennessee sales tax rate?

9.41%. The state has a 7% tax, but the average local tax is 2.41% making a total of 9.41%.

Are there standard deductions?

Single:   $0
Joint:   $0

Are there personal exemptions?

Single:   $1,250
Dependants:   $0

What forms do you file for your Tennessee taxes?

C corporations:   Form FAE 170
S corporations:   Form FAE 170
Partnerships:   Form FAE 170
Individual:   Form INC 250

Estimated tax payments?

Individual filers in TN do not have to file estimated quarterly payments.
Businesses, including Tennessee LLCs, with a combined franchise and excise tax payment of more than $5,000 are required to make quarterly payments.

Tennessee Department of Revenue:

Tennessee Department of Revenue
Andrew Jackson Building
500 Deaderick St.
Nashville , TN 37242
Telephone: 800-342-1003 or 615-253-0600
Fax: 615-253-3580
Department of Revenue Website

If you use Northwest Registered Agent as the non profit in Tennessee, you’ll have an online account to track your company in, receive notification reminders to file your annual reports on time, annual tax reminders, and new State information reminders. All for a low annual flat rate fee of $125 a year. We also help incorporate new Tennessee businesses for only $100.

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