What are the different types of taxes I need to pay in Tennessee?

Tennessee has several types of taxes that residents and businesses may need to pay, depending on their individual circumstances. One of the most notable taxes is the sales tax. Tennessee has a state sales tax rate, along with an additional local option sales tax that varies by county and city. This tax applies to most goods and certain services purchased in the state. Another important tax is the franchise and excise tax, which applies to corporations and certain limited liability entities doing business in Tennessee. The franchise tax is based on the greater of net worth or real and tangible property, while the excise tax is assessed on net earnings. Individuals are subject to federal income tax, but it is worth noting that Tennessee does not impose a state income tax on wages or salaries. However, there is a tax on interest and dividends known as the Hall Income Tax, though it is being phased out. As of 2021, this tax is set to be completely eliminated by 2023. Property tax is another type of tax that individuals and businesses may be responsible for, which is assessed at the county level based on the value of real property owned. Additionally, there are various taxes related to specific activities or goods, such as fuel taxes, tobacco taxes, and taxes on alcoholic beverages. It is a good idea to consult the current web page of Tennessee Department of Revenue for detailed information about these taxes and any specific regulations that may apply to your situation.