Mississippi

The state of Mississippi generates income from various types of taxes on businesses and individuals, including sales and use tax, individual and corporate income tax, and various other taxes.

The general state sales and use tax rate is 7%. City and county sales and use taxes are also collected.

Mississippi’s individual income tax rates range from 3% to 5%. Residents report their Income tax on Form 80-105. The return is due by April 15, or the next business day if the 15th falls on a weekend or holiday.

Corporations file Form 83-105, Corporate Income and Franchise Tax Return, and S corporations file Form 85-105, both of which are due by the fifteenth day of the third month after the end of the corporation’s fiscal year. Form 86-105, Partnership, LLC, LLP Income Tax Return, is due by the fifteenth day of the fourth month following the close of the tax year.

Some of the other taxes imposed by the state are tobacco tax, property tax, withholding tax, petroleum tax, wholesalers beer excise tax, estate tax, finance company privilege tax, and insurance premium tax.

For more information about Mississippi’s taxes, or to download forms, visit the State Tax Commission’s website at www.mstc.state.ms.us.

If you need a CPA, Accounting Firm, or Financial Advisor to assist you with your Mississippi tax reporting, bookkeeping, or general accounting needs, you have come to the right place! Try the CPA Search feature on this website to find the best CPA available in your area.