If your business closes, you must file a final business tax return with the Tennessee Department of Revenue with 15 days of closing. If the physical location of your business is your home address, you must first obtain a Home Occupation Permit from the Codes Department. Penalty and Interest (currently 7.25%) will apply if taxes are not paid on time. Tax returns are due on the 15th day of the 4th month following the end of your fiscal year. Tax is based on your gross sales/income for your fiscal year and the rate is based on the classification of your business. Business tax is due annually by filing a Municipal Business Tax Return BUS416 with the State of TN, Department of Revenue. The Tennessee Department of Revenue can help determine your business classification, tax rate and other tax information.
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