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Knoxville Tennessee online Form 1040-X: What You Should Know

State Tax Deductions Tennessee has a variety of deductions to reduce your tax liability. Tennessee's tax code contains a variety of tax deductions and credits. For taxable years starting in 2023 only the Tennessee state standard deduction applies. For taxable years beginning in 2023 the Tennessee standard deduction increases from 6,000 to 12,000 and for taxable years beginning in 2023 the income limitation for the state standard deduction increases from 6,700 to 12,700. For taxable years beginning in 2023 the income limitation increases to 13,600. Taxpayers may itemize their deductions for Tennessee state taxes. This provides a way to claim the maximum deduction allowed. The amount the total deductions are allowed to reduce taxable income varies from person to person and depends on the standard deduction and state tax credit limits. For taxable years beginning after 2023 the state standard deduction is 13,600. For years beginning after 2023 the income limitation for the state standard deduction stays the same, 13,600 and the income limit for the “full standard deduction” increases. Taxpayers can earn more by using the tax credits or deductions available for Tennessee tax returns. State Sales Tax Tennessee does not charge sales tax to purchasers of tangible personal property for consumption in the state. The sales tax does apply to sales by manufacturers, wholesalers, retailers, and other dealers when that sales activity is part of the business activities of the seller or his/her related businesses. Certain transactions, such as sales by a dealer to an unrelated business, are prohibited. The sales tax for certain other transactions, such as sales of tangible personal property by a dealer to a customer in or from Tennessee, is due based on the selling price. Tennessee does charge the sales tax on certain services, purchases, and dispositions of tangible personal property made for use in the state for more than one year. Tennessee's sales and use tax is divided into three tax periods. Beginning on April 15 each year, the state tax period begins on April 15 through April 29 and ends on June 30. The taxable period for tax year 2023 is from July 1, 2017, through June 30, 2018. The taxable period for tax year 2023 is from July 1, 2018, through June 30, 2019. The state sales tax rate for taxable periods ending on or before June 30, 2018, is 6.

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