In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, shares exciting news for small business owners in Tennessee. She discusses the recent Notice 2308, issued in May 2023, which significantly raises the business tax filing threshold under the Tennessee Work Tax Act. Previously, businesses with earnings of $3,000 to $10,000 were exempt from tax, but now, the threshold has been expanded to $100,000. Dr. Friday advises Tennessee small business owners to consult the Tennessee Department of Revenue or log into their TINTAP accounts to understand how this change could benefit them, potentially reducing their tax liabilities and simplifying their financial responsibilities.
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.
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