Tennessee Excise tax

[jscrnguyen]

How can Tennessee businesses deduct excise tax as business expenses when the exact amount is unknown? In Tennessee, the excise tax is 6.5% of a business's net taxable income.

[Anonymous_]

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[Rick19744]

While there is not much detail here, but regardless, you should probably meet with a tax professional to have a one-on-one as this type of question is really beyond the scope of a forum such as this.

But in general:

• First, the deductibility will depend on your method of accounting.
  • If cash method, it is cut and dry.  Deductible when paid.
  • If accrual, the issue becomes a bit more complicated.
• For accrual method taxpayer's you need to look at the economic performance provisions along with the possibility of the recurring-item exception.
• As a result of bullet two, that is why it is best to meet with a tax professional.