Fillable State and Local Sales and Use Tax Return (Form SLS 450)

Understanding Form SLS 450

The form SLS 450 is crucial for business owners in Tennessee. Predominantly issued by the Tennessee Department of Revenue, this essential tax return document allows businesses to keep track of and accurately remit their sales and use tax. Thus, understanding how to fill out this form is essential for every retailer.

When to use Tennessee tax form SLS 450 

Tennessee's SLS 450 form is a tax document that covers the sale, lease, or rental of taxable items or services in the state. If your company operates within Tennessee, this form is essential for reporting your tax obligations. Each sale, rental, or lease the business makes contributes to the amount it must pay in taxes. The SLS 450 serves as the official record for these transactions and the associated tax responsibility.

How to Fill Out SLS 450 Form

Prior to filling out the form, you'll need to gather all relevant documentation, such as invoices or receipts, that define your state and local sales and any exemptions you may be claiming. When it comes to TN state and local sales and use tax return, following the correct procedure is a must: 

1. Start with the section ‘Filing Period’, and input the specific tax return period. Fill in the ‘Due Date’ section if you wish, though it's not mandatory. 
2. Enter your Account Number and Location ID in the respective spaces provided. These should have been provided to you by the State.
3. In the section ‘Check if applicable’, check the box if this is an amended return or a final return or if there’s a change of mailing address.
4. Input your legal name in the ‘Legal Name’ section while ensuring it matches the name under which your business is registered or licensed.
5. Ensure to provide the legal name of your business and the exact mailing address, where the city, state, and zip code are also necessary.
6. Repeat the previous step for your business's physical location in the next section.
7. For Schedule A, list all of your exempt transactions. Be sure to accurately and completely detail any exempt transactions for the period you're filing.
8. On Schedule B, detail your local sales and use tax. Include the tax amount for each jurisdiction in which you've conducted business.
9. For Schedule C, note any single article tax and special tax rates that apply to you. 
10. In Schedule D, if you’re within a Central Business Improvement District (CBID) provide the necessary details. 
11. Schedule E is for businesses located outside Tennessee. Here, provide a full report of sales shipped or delivered into Tennessee.
12. If you’re subject to local occupancy tax on short-term rentals, fill out Schedule F.
13. Schedule G is for temporary exemptions. If you had any such exemptions during the filing period, list them here.
14. Make sure to review your form for accuracy before you submit it. Now you can print, share or download a copy for your records.

Function of SLS 450

The Tennessee Department of Revenue state and local sales and use tax form, commonly referred to as the SLS 450, is a requisite for businesses to detail and report their sales and use tax. It outlines the total sales and purchases made, deductions, net taxable sales, and the total tax due.