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What taxes does an LLC pay in Tennessee?

By default, LLCs themselves do not pay federal income taxes, only their members do. Tennessee, however, imposes a franchise tax and an excise tax on most LLCs. You must register for this tax through the Department of Revenue (DOR). You can register by mail or in person at a DOR location.

Is a 1040 for business owners?

You report your business income and expenses using Form 1040 if you're self-employed you're a small business owner who runs your company as a sole proprietorship, your company is structured as a single-member LLC, you're a partner in a partnership or you report farm income.

What are the different tax classifications?

The three primary options for LLC tax classification include disregarded entity, partnership, and corporation. Within the corporate classification, two sub-options include C corporation and S corporation. Some of these classifications require forms to be filed with the IRS while others occur by default.

How do I submit a business tax return?

0:29 7:25 How to submit your Income Tax Returns for Companies ITR14 on ... YouTube Start of suggested clip End of suggested clip Select the company that you wish to complete the return for and click view taxpayer. Once theMoreSelect the company that you wish to complete the return for and click view taxpayer. Once the company is displayed click on returns on the top menu. Click on returns issued on the left menu.

Who is exempt from TN business tax?

Certain entities under specific circumstances are exempt from paying the business tax. These may include, but are not limited to, people acting as employees, manufacturers, religious and charitable entities selling donated items, direct-to-home satellite providers, and movie theaters.

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