Tax Deadlines in Tennessee: What You Should Know

Tax Deadlines in Tennessee: What You Should Know

Understanding tax deadlines is crucial for individuals and businesses alike in Tennessee. Staying informed about these dates ensures compliance and helps avoid penalties. Here’s a breakdown of important tax deadlines that residents and taxpayers should be aware of.

Individual Income Tax Deadlines

Tennessee does not impose a state income tax on wages and salaries. However, there is a franchise and excise tax for businesses, and tax deadlines for property tax can also be relevant for individuals. Property tax assessments and payments are crucial to remember:

  • Property Tax Assessment Deadline: Typically, the deadline to file property tax assessments is March 1 of each year.
  • Property Tax Payment Deadline: Property taxes are generally due on February 28 of the following year.

Franchise and Excise Tax Deadlines

For businesses operating in Tennessee, the franchise and excise tax is significant. Key deadlines include:

  • Franchise and Excise Tax Return Deadline: The tax return is due on the 15th day of the fourth month following the close of the tax year.
  • Estimated Tax Payments: For businesses, estimated payments are typically due on the 15th of April, June, September, and December.

Sales and Use Tax Deadlines

Businesses that collect sales tax need to be aware of the following deadlines:

  • Monthly Filers: Sales tax returns are due on the 20th of the month following the reporting period.
  • Quarterly Filers: Sales tax returns are due on the 20th of January, April, July, and October for the quarter ending in the previous month.

Federal Tax Deadlines

In addition to state deadlines, residents and businesses must also comply with federal tax deadlines. Key federal tax dates include:

  • Individual Tax Return Deadline: Typically April 15 is the deadline for filing individual federal income tax returns.
  • Business Tax Return Deadline: For corporations, the return is due on the 15th day of the fourth month after the end of the business's tax year.

Extension Deadlines

If additional time is needed for filing, taxpayers can request an extension. Note that:

  • Individual Tax Extensions: An extension for federal taxes gives you until October 15, but any tax due must still be paid by April 15.
  • Business Tax Extensions: Businesses can apply for an extension to file their returns, which typically provides an additional six months.

Penalties for Missing Deadlines

It’s important to be aware of the penalties associated with missed tax deadlines in Tennessee. Late payments can incur interest and penalties, which can add up quickly. For property taxes, failing to pay on time may result in a lien on the property or legal action to recover the owed amount.

Tips for Staying Compliant

To stay compliant with tax deadlines in Tennessee:

  • Set reminders for important tax dates.
  • Utilize accounting software to track financial obligations.
  • Consult with a tax professional for assistance in navigating state and federal requirements.

Being proactive about tax deadlines will help you avoid unnecessary stress and ensure that you stay in good standing with tax authorities. Whether you are an individual taxpayer or a business owner, keeping track of these critical dates is essential for financial health in Tennessee.