Other than my income tax return, are there other upcoming filings of which I should be aware? Tax team members Mark Loftis and Katie Almond answer that question and more in this week’s Tax Tips. Check out the video here.
Other than my income tax return, are there other upcoming filings of which I should be aware?
Besides the corporate, partnership and individual filings due March 15 and April 15, there are several other filings for which you should be aware.
That’s right, for example, if your business owns personal property used in the business such as furniture, equipment and computers, you should file a Property Tax Schedule B by March 1 with your county.
It’s important to note that this is just an informational filing at this time and the actual assessment and tax bill will come later in the year. If you are still in the process of filing your business return, you can file a provisional return now and amend it as soon as you have final fixed asset numbers.
The next upcoming filing will be your entity Annual Reports, due April 1.
These reports are filed online with the Secretary of State and merely report certain informational items related to your corporate or LLC structure. There are payments due with these reports and the amounts depend on the type of structure.
Following these reports are city and county business license tax returns. These are due April 15 and must be filed online with the state of Tennessee.
The tax on these returns is computed based on gross sales, before expenses, taxable in Tennessee. Therefore, you can exclude out of state sales from the tax base. Also, the rate of tax is based on your business status, whether a wholesaler or a retailer.
We here at Crosslin are happy to help you with all of your tax compliance and planning needs. Please feel free to contact us anytime.