Blank Tennessee Fae 173 PDF Form

When filling out the Tennessee FAE 173 form, many individuals make common mistakes that can lead to complications. One frequent error is failing to enter the correct account number or FEIN in the designated spaces. This information is crucial for the Tennessee Department of Revenue to accurately process the application. Without it, the application may be delayed or rejected.

Another mistake involves miscalculating the payment due. Taxpayers often overlook the requirement to deduct prior year overpayments, estimated payments, and available tax credits from the total estimated tax liability. This can result in an incorrect amount being submitted, which may lead to penalties or interest charges.

Some individuals mistakenly enter a value greater than zero on Line 4 when they should enter zero. This occurs when the total of prior year's credits and current year's estimated tax payments exceeds the estimated liability. It is essential to understand that in such cases, the correct action is to submit the form without payment.

Additionally, many forget to sign and date the return in the signature box. This oversight can render the application invalid. A signature is a declaration of the accuracy of the information provided, and without it, the form may not be processed.

Another common error is neglecting to follow the additional procedures outlined on the reverse side of the form. These procedures provide critical information for obtaining an extension of time and must be reviewed carefully to ensure compliance.

Some people also fail to make the required payment by the original due date. This payment must equal the lesser of 100% of the prior year tax liability or 90% of the current year tax liability. Missing this deadline can result in penalties, as the tax authority will treat the application as if no extension was granted.

Furthermore, individuals often misinterpret the rules regarding filing an extension request. If sufficient payments have already been made, taxpayers can submit either the state form or a copy of the federal extension request. However, many mistakenly believe that these documents must be filed on the original due date, which is not the case.

Another frequent mistake involves not understanding the implications of filing as part of a consolidated group. Taxpayers in this situation must use the state form or file electronically, and they must ensure that the extension request is submitted with the payment by the original due date.

Moreover, some individuals overlook the fact that even with an approved extension, penalties will still apply if the payment requirement is not met by the original due date. Interest will also accrue on any unpaid tax from the original due date until it is paid in full.

Lastly, failing to keep a copy of the completed form for personal records is a common oversight. Retaining this documentation is vital for future reference and can assist in resolving any disputes or questions that may arise regarding the submitted application.

Instructions on Utilizing Tennessee Fae 173

After completing the Tennessee FAE 173 form, you will need to submit it along with any required payment to the Tennessee Department of Revenue. Ensure that all information is accurate and that you meet the necessary deadlines to avoid penalties.

1. Obtain the form FAE 173 from the Tennessee Department of Revenue website or your local office.
2. Fill in your Account Number or FEIN/SSN in the designated spaces at the top of the form.
3. Enter the Taxable Year for which you are requesting an extension.
4. Provide the Beginning and Ending dates for the taxable year.
5. Write the Due Date for the tax return submission.
6. Complete the Taxpayer Name and Mailing Address section with your full name and address.
7. Calculate the estimated franchise and excise taxes for the current year and enter these amounts on the form.
8. Deduct any prior year's overpayments, estimated payments, and tax credits from the total tax due, and enter the resulting amount on Line 4.
9. Sign and date the form in the signature box provided.
10. Make your check payable to the Tennessee Department of Revenue for the amount shown on Line 4.
11. Mail the completed form and payment to the address specified: Tennessee Department of Revenue, Andrew Jackson State Office Building, 500 Deaderick Street, Nashville, TN 37242.

When filling out the Tennessee FAE 173 form, it's crucial to be meticulous. Here’s a list of things you should and shouldn’t do to ensure your application is processed smoothly.

• Do: Enter your account number or FEIN in the designated spaces.
• Do: Deduct any quarterly estimated tax payments, available tax credits, and overpayments from prior years when calculating your payment due.
• Do: Sign and date your return in the signature box to validate your submission.
• Do: File the form electronically at apps.tn.gov/fnetax if you prefer a digital submission.

• Don’t: Forget to make the required payment by the original due date, which should be the lesser of 100% of the prior year’s tax liability or 90% of the current year’s tax liability.
• Don’t: Leave the signature box blank; an unsigned form may lead to delays or rejections.
• Don’t: Submit your extension request late; it must be filed on or before the original due date if a payment is required.
• Don’t: Assume that an extension will waive any interest on unpaid taxes; interest will still accrue until the tax is fully paid.

When filing for an extension using the Tennessee FAE 173 form, several other documents may be needed to ensure compliance and accuracy. Here’s a brief overview of four common forms that often accompany the FAE 173.

• Federal Form 7004: This is the application for an automatic extension of time to file certain business tax returns at the federal level. If you are also filing a federal extension, this form can be submitted alongside your state extension request.
• Tennessee Form FAE 174: This form is used to report the actual franchise and excise taxes owed. After the extension period, it is essential to file this form to finalize your tax obligations.
• Georgia RV Bill of Sale: Essential for documenting the sale of a recreational vehicle, this form is crucial for ensuring a clear transfer of ownership. For more information, visit Forms Georgia.
• Worksheet for Computation of Extension Payment: This worksheet helps calculate the amount due with your extension request. It includes estimates for franchise and excise taxes and any deductions for prior overpayments and credits.
• Payment Voucher: If you owe taxes, this voucher is used to submit your payment to the Tennessee Department of Revenue. It ensures that your payment is correctly applied to your account.

Having these documents ready can simplify the process and help avoid any potential issues. Make sure to review each form carefully to ensure all information is accurate and complete before submission.

Understanding the Tennessee FAE 173 form can be tricky, and misconceptions can lead to unnecessary confusion. Here are six common misunderstandings about this important tax document:

• Misconception 1: An extension means you don't have to pay taxes until later.

Many believe that filing for an extension allows them to delay payment entirely. In reality, you must still make a payment by the original due date to avoid penalties.

• Misconception 2: The FAE 173 form is only for large businesses.

This form is applicable to all businesses subject to franchise and excise taxes in Tennessee, regardless of size. Small businesses also need to file.

• Misconception 3: You can file the extension request at any time.

There are specific deadlines for filing the extension request. It must be submitted by the original due date of your tax return to ensure it is valid.

• Misconception 4: Filing the extension guarantees more time to pay taxes.

While you may receive an extension to file your return, it does not extend the time to pay any taxes owed. Payments are still due by the original deadline.

• Misconception 5: You can ignore the payment requirements if you file an extension.

It's crucial to meet the payment requirements outlined in the form. Failure to do so can result in penalties, regardless of the extension.

• Misconception 6: The FAE 173 form is the same as the federal extension form.

While there are similarities, the FAE 173 is specific to Tennessee tax laws. You must use this state form or file electronically for state extensions.

Clearing up these misconceptions can help ensure that you meet your tax obligations without unnecessary stress. Always consult with a tax professional if you have questions about your specific situation.