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Form 8379 for Murfreesboro Tennessee: What You Should Know
Taxes in Tennessee is a state of a few hundred thousand people, but we provide services to millions each year. Our state capital Memphis sits just over 40 miles south of Nashville, one of the largest cities in the world. Its historic downtown is home to the Music City Center, a major tourist attraction known as the “King of Music City.” Our business community is vibrant. We are on Track 4 of The Green States Innovation Initiative, and the nation's 6th leading tech hub according to a 2023 study sponsored by the U.S. Chamber of Commerce and the Internet Association. Tennessee boasts a vibrant education system, a dynamic entrepreneurial environment and a growing and diverse economy. Learn more. Taxation and Taxation of Nonprofit Organizations: Overview for a Corporation — TN Dept of Commerce Tennessee has laws that tax corporations on the net profits of the corporation. Net profits are defined as gross profits minus certain expenses, such as depreciation, depletion and certain expenses for corporate food services. See Corporation Handbook 6A: Net Profit. If these expenses are not paid before the end of the corporation's taxable year, then the net profit has to be estimated, to the nearest penny, by the Corporation's Financial Secretary. The estimated net profit is then taxed by the Corporation on the following year's tax return. The information contained herein is for general informational purposes only. This summary does not, and should not be construed as, legal advice. Any person, including a businessperson, should consult his or her own attorney with respect to all federal and state income tax issues. For information on the tax liabilities of certain income earned by an investment company, see the following article: Taxes for Investing and Private Wealth in Tennessee. The following is from IRS Publication 519, Taxes with Respect to Estates and Trusts; Estate, Gift and Generation-Skipping Transfer Taxes; and Estate and Gift Taxes: (June 2008), section 17c. If a taxpayer has property subject to the estate tax or the gift tax, the taxpayer must keep records of the property for at least 5 years. Generally, the records must be kept at the taxpayer's place of business.
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