Small businesses in Nashville and other parts of the state are ready to feel the relief provided by the modified Tennessee Works Tax Act. Announced in early 2023, some of the legislative changes start to apply this year. They’re said to be part of the biggest tax cut in the history of the state.
If you need a last-minute guide to the updated law, this accounting firm explainer discusses the most relevant points for small business owners.
Filing Exemptions
The business tax filing threshold has been increased from $10,000 to $100,000 per jurisdiction. This means that businesses with annual gross sales of less than $100,000 are now exempt from filing an annual return. The Department of Revenue estimates that over 100,000 businesses are affected and are encouraging owners to take advantage of this major change.
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