Tax Tips from Tax Services of Tennessee

  Franchise and Excise (F&E) taxes are Tennessee business taxes that generally apply to corporations, limited liability companies (LLCs), limited partnerships, and certain other business entities. The franchise tax is based on a business's net worth or the value of its property in Tennessee, while the excise tax is based on the business's net earnings. Not every business is subject to these taxes, so it's important to understand how the rules apply to your specific entity. Filing Franchise and Excise tax returns accurately and on time is an important part of maintaining compliance with Tennessee tax laws. At Tax Services of Tennessee , we help business owners determine whether they are required to file, prepare Franchise and Excise tax returns, and develop tax strategies that support long-term business success. Our goal is to help you stay compliant while focusing on growing your business. Tax Services of Tennessee 7110 Town Center Way, Suite 201-A Brentwood, TN...

  If you're asking yourself, "Why do I owe taxes this year?" , you're not alone. It's one of the most common questions taxpayers ask every tax season. There are several reasons why you may owe taxes, even if you received a refund in previous years. Some of the most common reasons include: Not enough federal or state taxes were withheld from your paycheck. You earned self-employment or 1099 income and no taxes were withheld. You had investment income, retirement distributions, or other taxable income. Your income increased during the year. Tax credits or deductions you qualified for in prior years changed. You didn't make enough estimated tax payments. Every taxpayer's situation is different. Whether you received a W-2, 1099, retirement income, or own a business, understanding why you owe taxes is the first step toward reducing your tax bill in the future. Working with a tax professional can help you avoid surprises and create a tax plan that fits your fina...