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Form 1120-S (Schedule M-3) Minnesota Hennepin: What You Should Know

Schedule P is used to compute gross income tax for the corporation. Income Tax — Minnesota.gov To calculate the partners' tax returns, multiply their taxable income by the applicable S corporation tax rate and apply the applicable tax rate formula to the total taxable income. For more details on these tax return instructions, see  Business License Fees — Minnesota.gov Include a license number on your business license for any business activity that uses the corporate address. This number shows the office (name, street name, and zip code) that issued the business license. If you own up to three buildings, you must obtain your business license at one of those buildings. When you obtain a business license it will need to be renewed each year.

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