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Form 1040 (Schedule C-EZ) online Nashville Tennessee: What You Should Know

Taxed at the standard tax rate (Schedule K); and income tax-exempt interest on qualified retirement plans (Schedule K). Qualified retirement plans include defined-contribution plans and IRAs. A list of qualified plans is available here. If you need more help, you can contact our office at or by visiting or calling the Tennessee Department of Economic and Community Development at . Disclaimer: This page was last updated 06/15/2014 A brief tax brief on business. Business tax in Tennessee is levied on the gross receipts of a corporation, partnership, limited liability company, or limited purpose partnership from the sale, exchange, lease, or other disposition of any property (such as automobiles and other taxable property), other than an intrastate sale of any such property. Gross receipts include net income from the sale of tangible personal property. This means that if a corporation earns 500 of revenue from the sale of a refrigerator for 1,000, the corporation will owe 450 in tax, even though the refrigerator sells for less than the 1,000. The gross receipts portion of business tax does not include taxes paid on qualified business property; it will only include taxes that are directly related to the sale of tangible personal property. For example, a home improvements business will owe business tax on its sale of a new furnace even though it earned only 250 of that revenue. Tennessee Business Taxes — General Summary Tax Types and Rates Tennessee Corporate Income Tax — 15.75% on taxable wages, general business gross receipts (COGS) and net income of an exempt business entity. — 0% on taxable gross receipts above 10,000 for corporations and 2,500 for sole proprietorship. Tennessee Individual Income Tax — 4.63% on taxable income. Tennessee Sales Tax — 8.75% on purchases of tangible personal property, as well as services and equipment with a taxable gross receipts of 400 or more. — 1.5% on sales of tangible personal property that do not exceed 100 in value. Tennessee Corporate Business Income Tax — 8.75% on business net income of an exempt entity. — 0% on all other taxable business income. Tennessee Individual Business Tax — 5% on all personal business net income.

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