Mississippi · Flat income tax, manufacturing base
CPA, bookkeeping & fractional CFO services in Mississippi
Mississippi has a flat personal income tax that is being reduced over time and a manufacturing, agriculture and gaming economy across the state. CPA Torrance is a CPA-led firm based in Torrance, California that provides bookkeeping, tax planning, tax filing and fractional CFO support to Mississippi businesses remotely.
- Serving all of Mississippi remotely
- Mississippi Form 83-105, 84-105 and franchise tax tracked for you
- Monthly reporting included
In short
What taxes do Mississippi businesses pay?
Mississippi taxes pass-through income at the owner level under its flat personal income tax and taxes corporations under the corporate income tax. Corporations also pay a franchise tax that the state is phasing down. Mississippi has a 7% state sales tax, one of the higher state rates.
- State income tax
- Flat rate
- State sales tax
- 7%
- Key business tax
- Franchise tax (being phased down)
- How we serve
- Remotely, statewide
Services in Mississippi
What we do for Mississippi business owners
From Jackson professional firms and Gulf Coast hospitality businesses to manufacturers and farm operations across the state, Mississippi owners need organized books and planning. We provide monthly bookkeeping, federal and Mississippi tax planning, filings and CFO reporting from one coordinated team.
Bookkeeping Services
- Monthly reconciliations in QuickBooks Online
- Mississippi sales and use tax tracking
- Payroll and contractor payment review
- Monthly profit and loss and balance sheet
- Catch-up and clean-up bookkeeping
Tax Planning & Strategy
- Entity and S corporation review
- Mississippi PTE election review
- Federal and state estimated payments
- Multi-state income review
- Year-end tax planning meeting
Tax Filing & Compliance
- Federal business returns (1120, 1120S, 1065)
- Mississippi Form 83-105, 84-105 and franchise tax returns
- Owner individual returns
- IRS and state notice help
- Due-date tracking for every filing
Fractional CFO Services
- Cash-flow forecasts
- Budget versus actual reviews
- Margin and pricing analysis
- Lender- and investor-ready reporting
- Growth and hiring plans
Mississippi tax planning
Planning around Mississippi taxes
Mississippi planning combines the flat rate, the franchise tax phase-down, the PTE election and federal planning.
Book a 15-min callFranchise tax
We calculate the Mississippi franchise tax correctly as the rate is phased down.
PTE election
Mississippi allows an elective pass-through entity tax. We model the federal benefit.
Manufacturing incentives
Manufacturers may qualify for state incentives and federal credits.
Who we work with
Mississippi industries we serve
We work with owner-led businesses across Mississippi, with experience in the industries that drive the state economy.
Manufacturing
Job costing and inventory.
Agriculture
Farms and agribusinesses.
Gaming and hospitality
Casinos, hotels and restaurants on the Gulf Coast.
Healthcare practices
Medical and dental practices.
E-commerce sellers
Online brands with Mississippi sales tax, inventory and multi-channel books.
Professional firms
Consultants, agencies and law firms billing by the hour, project or retainer.
Why Mississippi businesses choose CPA Torrance
Areas we cover
Serving businesses across Mississippi
Businesses in Jackson, Gulfport, Southaven, Hattiesburg, Biloxi work in manufacturing, agriculture, gaming, healthcare and shipbuilding. CPA Torrance helps Mississippi businesses, including those owned from out of state, stay compliant and organized through remote meetings.
- Jackson
- Gulfport
- Southaven
- Hattiesburg
- Biloxi
- Meridian
- Tupelo
- Olive Branch
- Oxford
- Starkville
- Video meetings on your schedule
- Secure document portal for statements and returns
- Cloud accounting you can see any time
FAQ
Mississippi business tax and accounting questions
Not covered here? A 15-minute call gets you a straight answer for your situation.
What financial services can CPA Torrance provide to Mississippi businesses?
We provide monthly bookkeeping, federal and Mississippi tax planning, business tax filing and fractional CFO services. Everything runs from one set of books, so your bookkeeper, CPA and CFO advisor work from the same numbers.
Is the Mississippi franchise tax going away?
Mississippi is phasing the franchise tax down over several years. We apply the correct rate for each year.
Does Mississippi have a pass-through entity tax?
Yes. Mississippi allows an elective pass-through entity tax.
What is the Mississippi sales tax rate?
The general state rate is 7%, with some cities adding local taxes.
Can CPA Torrance work with Mississippi businesses remotely?
Yes. We serve businesses across Mississippi, including Jackson, Gulfport, Southaven, Hattiesburg, Biloxi, Meridian, Tupelo, Olive Branch, Oxford and Starkville, through video meetings, a secure document portal and cloud accounting you can see any time. Our office is in Torrance, California.
How do I get started?
Book a 15-minute call or request a free financial assessment. We review your books, tax position and systems and recommend the right mix of support for your Mississippi business.
Get your Mississippi books and taxes in order.
Book a call to review bookkeeping and tax planning for your Mississippi business.