Tax Services in Memphis for Small Businesses
Memphis businesses operate under Tennessee's business tax system, where the Franchise Tax is based on net worth and the Excise Tax applies to net earnings. While it has no state personal income tax, businesses still need to manage these entity-level taxes alongside Shelby County's combined sales tax requirements.
Accurate accounting for net worth, taxable income, and local sales tax is essential to avoid penalties, missed deadlines, or overpayments. Profitjets prepares and files your Tennessee Franchise and Excise Tax returns, manages Shelby County sales tax compliance, and keeps every filing on schedule from one organized set of financial records.
What Our Tax Services in Memphis Cover
We build your tax strategy around your entity type and where you sell. From Tennessee's Franchise and Excise Tax to one of the highest combined sales tax rates in the country, our team prepares the required filings and tracks every deadline.
Pass-through & owner tax
No Tennessee personal income tax, but federal pass-through income still needs filing. We handle it.
Tennessee franchise & excise tax
Tennessee has no personal income tax but levies franchise and excise (F&E) tax on most entities. We calculate both parts and file them.
Sales & use tax
Registration, collection, and filing at Tennessee's 7% base (up to ~9.75% with local) rate, with local rates applied.
Deadlines & estimates
Quarterly estimates, extensions, and notices handled year-round.
Multi-state & nexus
Operating beyond Tennessee? We handle economic nexus and multi-state filings too.
Tax planning
Proactive planning to legally lower your Memphis tax bill before year-end.
Calculate your Franchise & Excise Tax Correctly
Most LLCs, corporations, and partnerships doing business in Tennessee owe both a franchise tax based on net worth and an excise tax based on net income, two separate calculations that get filed together but work very differently.
We calculate both correctly based on your actual balance sheet and income, file them together, and plan ahead so the combined bill isn't a surprise.
Book a Free Consultation- Franchise tax calculated on net worth
- Excise tax calculated on net income
- Filed together correctly
- Minimum tax obligations tracked
- Estimated payments scheduled
- Multi-state ready
Stay ahead of Sales Tax at Current Rate
Tennessee's state sales tax base is among the highest in the country, and Shelby County and Memphis add local rates on top, pushing the combined rate even higher, especially relevant for grocery and retail-facing businesses.
We register you, apply the correct combined state-and-local rate, track taxable versus exempt sales, and file on schedule.
Book a Free Consultation- Registration handled
- Correct combined rate applied
- Taxable vs exempt tracked
- Economic nexus monitored
- Returns filed on schedule
- Marketplace rules handled
How Our Memphis Tax Service Works
Understand Your Business & Tax Requirements
We begin by learning about your business structure, industry, operations, and previous tax filings. We review your Franchise & Excise Tax history to understand your current compliance requirements and identify potential planning opportunities.
Review Your Financial Records & Tax History
We examine your bookkeeping, financial statements, balance sheet, and prior tax returns to ensure the financial data used for Tennessee Franchise & Excise Tax calculations is complete and accurate.
Build a Tax Strategy Around Your Business
We develop a tax strategy based on your entity structure, financial position, and Tennessee tax rules. Our goal is to accurately manage your Franchise & Excise Tax liability while identifying available deductions, credits, and planning opportunities.
Prepare & File Your Tax Returns
We prepare and file your Tennessee Franchise & Excise Tax returns, sales tax returns, and other applicable business tax filings accurately and on time, ensuring they reflect your current financial records.
Provide Year-Round Tax Support
Our support continues throughout the year. We monitor estimated tax payments, filing deadlines, tax notices, and changes to Tennessee or local tax regulations so your business stays compliant as requirements evolve.
Serving businesses across Memphis
We work remotely with Memphis businesses, so you get the same dedicated team wherever you are.
What Memphis Businesses Say
Franchise Tax Wasn't What We Thought It Was
"We assumed 'franchise tax' meant something related to franchising our brand, not a tax based on our company's net worth. Profitjets explained it plainly and got two years of miscalculated filings corrected."
Excise Tax Finally Separated From Franchise Tax Correctly
"Our old accountant lumped franchise and excise tax together into one number every year, and we had no idea if either was actually right. Profitjets calculates them separately now, exactly as the state requires."
Combined Sales Tax Rate Applied Correctly at Last
"Tennessee's sales tax is already high, and we were undercharging because our system used an outdated Shelby County rate. Profitjets fixed it and we stopped absorbing the difference out of our own margin."
Memphis tax questions
Most Memphis businesses owe Tennessee's Franchise and Excise Tax (based on net worth and net income) and sales tax at Memphis's combined state-and-local rate, since Tennessee has no personal income tax. We identify what applies to your entity and file it correctly.
It's two separate business taxes filed together: franchise tax based on your company's net worth, and excise tax based on net income. We calculate both from your actual financials rather than estimating.
Tennessee's state base is among the highest in the country, and Shelby County and Memphis add local rates on top for one of the highest combined rates nationally. We register you and apply the correct combined rate.
If you have economic nexus in other states, you likely owe filings there as well. We monitor your nexus footprint and handle the multi-state returns.
Yes, proactive planning around entity structure and how net worth is calculated can meaningfully affect your franchise tax liability. We review your financials before year-end to apply available strategies. CTA Get Your Franchise & Excise Tax Filed Right
Related services and locations
Profitjets also supports companies in Miami, Michigan and Minneapolis.
Get Memphis Tax Filed Right, and Optimized
Book a free consultation and we'll map out exactly how we'd handle your Memphis business taxes.