Tennessee Work Tax Act: New Thresholds for Small Businesses

Dr. Friday Tax Tips
Dr. Friday Tax Tips
Tennessee Work Tax Act: New Thresholds for Small Businesses
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In this episode, Dr. Friday discusses the significant changes brought by Notice 2308, issued in May 2023, regarding the Tennessee Work Tax Act. This new legislation is a boon for small businesses in Tennessee, increasing the business tax filing threshold from $10,000 to $100,000. Dr. Friday emphasizes that while this increase might not affect the requirement for a business license, it potentially reduces the tax burden to zero for many small businesses. She advises listeners to consult the Tennessee Department of Revenue or use the TINTAP system to ensure they are not overpaying taxes. As always, Dr. Friday remains committed to helping listeners navigate the complexities of tax regulations.

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.