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How is an LLC taxed in Mississippi?

In Mississippi, LLCs pay a franchise tax and personal income tax. Both taxes must be paid to the Mississippi Department of Revenue. Mississippi LLCs are also required to pay a Federal Self-Employment Tax. This tax is based on the value of business property and capital.

Does Mississippi accept federal extension for corporations?

Corporation - If no tax is due, Mississippi recognizes a valid federal extension. If a payment is needed file Form 83-180, Application for Automatic Six-Month Extension for Corporate Income and Franchise Tax Return, to request an automatic six-month extension.

How long does it take for Mississippi State Tax Refund?

If you filed your Mississippi tax return electronically, you can usually check your MS refund status 5-7 business days after the Mississippi Department of Revenue accepts your return. If you mailed your Mississippi tax return, you should wait 4 to 6 weeks before checking your MS refund status.

What states have no franchise tax?

Understanding Franchise Taxes As of 2020, these states included Alabama, Arkansas, California, Delaware, Georgia, Illinois, Louisiana, Mississippi, New York, North Carolina, Oklahoma, Tennessee, and Texas. Kansas, Missouri, Pennsylvania, and West Virginia all discontinued their corporate franchise taxes.

What is tap Mississippi?

Taxpayer Access Point (TAP) provides you with valuable information about your taxes, more period details, and provides ways to obtain new permits, update your information, file taxes, and pay online.

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