Frequently Asked Questions
Craine, Thompson & Jones, P.C.
Where are you located?
Helpful links
What is your mailing address?
P.O. Box 1779
Morristown, TN 37816-1779
What is the current mileage rate?
58 cents per mile for business miles driven in 2019
20 center per mile driven for medical or moving purposes in 2019
14 center per mile driven in service of charitable organizations in 2019
What is the annual gift limit?
What type of entity should I form?
- Sole Proprietor
- Limited Liability Company, including Single Member LLC
- General Partnership
- Limited Partnership
- Subchapter S – Corporation
- Corporation
Contact your tax advisor or attorney to discuss the benefits and limitations of each entity option
How quickly can I write off my equipment purchases?
The maximum deduction that can be claimed is $500,000 on the first $2,000,000 of asset additions in a tax year. After the $2,000,000 investment threshold has been reached the expense maximum is subject to a phase out.
Does Tennessee have an Income Tax?
Tennessee imposes an income tax on individuals and other entities receiving interest from bonds and notes and dividends from stock. Prior to 2016, the rate of tax was 6%. However the Tennessee General Assembly passed legislation that reduced the rate from 6% to 5% beginning January 1, 2016. The new law requires the full repeal of the Hall Income Tax for tax years beginning January 1, 2021. The following schedule outlines the yearly tax rates:
- 4% of taxable income for tax years beginning January 1, 2017
- 3% of taxable income for tax years beginning January 1, 2018
- 2% of taxable income for tax years beginning January 1, 2019
- 1% of taxable income for tax years beginning January 1, 2020
- Repeal beginning January 1, 2021
Our Two Offices

Morristown
225 W. 1st Street,
Suite 300 Millennium Square
Morristown, TN 37814
Sevierville
248 Bruce Street,
Sevierville, TN 37862
.
Our Two Offices

Morristown
225 W. 1st Street,
Suite 300 Millennium Square
Morristown, TN 37814
Sevierville
248 Bruce Street,
Sevierville, TN 37862
.
Craine, Thompson & Jones Morristown
Craine, Thompson & Jones Sevierville
Contact Us
Morristown
225 W 1st North Street
Suite 300, Millennium Square
Morristown, TN 37814
Sevierville
248 Bruce Street,
Sevierville, TN 37862