In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday discusses a significant change in Tennessee’s business tax regulations that favors small businesses. Highlighting Notice 2308 from May 2023, she explains the Tennessee Work Tax Act’s impact on increasing the business tax filing threshold. Previously, small businesses with earnings of $3,000 to $10,000 were exempt from taxes, but now this exemption has been extended to businesses earning up to $100,000. Dr. Friday emphasizes the importance of consulting the Tennessee Department of Revenue and using the TINTAP system to ensure compliance and avoid unnecessary taxation. This episode is crucial for small business owners in Tennessee seeking to understand and benefit from these tax changes.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Notice back in 2023 of May, Notice 2308, Tennessee Work Tax Act increased business tax filing threshold. With all that being said, this is actually good news. If you are a small business in Tennessee, we’ve always had to pay a business tax. Basically $3,000 or less, up to maybe $10,000 it was zero, right? But now, up to $100,000. That’s right. Doesn’t mean you might not need your business license, it may just mean that you have a zero tax. You need to check with Tennessee Department of Revenue, go onto your TINTAP, check it out. Make sure that you’re not paying taxes, you shouldn’t.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.