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Christine Kerner about TFX
TFX is awesome – a peace of mind saver.
Working with my tax CPA went above and beyond on her part and I feel very relieved that the previous tax year is completed. They will definitely have my business again next year.
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Let our CPAs and EAs handle all your tax needs, from individual taxes to comprehensive tax services, ensuring a hassle-free experience for you.

Need assistance with personal taxes too? We've got you covered!

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Who we help

Who we help

Top tax issues:
  1. Inconsistent record-keeping.
  2. Failure to make estimated tax payments.
  3. Not separating personal and business expenses.
  4. Overlooking potential tax deductions.
  5. Not understanding self-employment tax obligations.
Top tax issues:
  1. Late filing or failure to file Form 1120S.
  2. Incorrectly classifying distributions and salary.
  3. Not paying reasonable compensation to shareholders.
  4. Misunderstanding of shareholder basis rules.
Top tax issues:
  1. Double taxation on profits and dividends.
  2. High corporate tax rates compared to individual rates.
  3. Complex tax filing requirements.
  4. Limitations on deducting business losses.
  5. Issues with retained earnings and accumulated earnings tax.
Top tax issues:
  1. Discrepancies in profit and loss distribution among partners.
  2. Late or incorrect filing of Form 1065.
  3. Misunderstanding of self-employment taxes for partners.
  4. Difficulty tracking and maintaining partners' capital accounts.
  5. Not making required tax elections on time.
Top tax issues:
  1. Confusion over tax classification (disregarded entity, partnership, or corporation).
  2. Not understanding the self-employment tax implications.
  3. Failing to make state-specific filings or annual reports.
  4. Mismanagement of member capital accounts.
  5. Not maintaining a clear separation between personal and business finances.

Why work with TFX?

Zero effort online assistance

Experience hassle-free support right from your workspace. Say goodbye to yearly document struggles with our user-friendly online platform.

90% of clients return to TFX

The majority of our clients remain loyal for years and confidently recommend us to their friends. 50,000+ clients in the US and worldwide.

100% accuracy

Every document undergoes a rigorous two-step verification by our supervisory team. Senior tax experts working on your case. No junior staff.

80+ accredited CPAs, EAs, JDs

Dedicated experts committed to guiding you every step of the way. Always on standby to simplify the complex and address all your queries.

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Small business tax tips

Delve into the latest tax guides, expert insights and business tax news
Are S corp distributions taxable?

When you own an S corporation or an LLC taxed as an S corporation, you can receive a salary for the work you perform and distributions from your company's profits. Distributions offer an efficient way to transfer profits to shareholders but come with essential tax considerations. Key questions include whether these distributions are tax-free,...

Read the article
18 Jun 2024
Form 8832: Filing requirements and eligible businesses

Choosing the proper tax classification is crucial for your small business. Tax status affects your tax rates, liability, operational flexibility, and overall growth trajectory.  Eligible companies can select how they will be taxed with Form 8832, Entity Classification Election, provided by the Internal Revenue Service (IRS). What is Form...

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10 Jun 2024
Built-in gains tax for an S corporation

The careful structuring of your business entity can result in significant tax savings over the long term. However, small business owners must consider the initial costs and tax regulations when choosing a different tax status. The built-in gains (BIG) tax is important for businesses changing from a C corporation to an S corporation. It is a...

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30 May 2024
What is a reasonable salary for an S corp?

S corporations represent 76.7% of all active corporate tax returns in the US. Small business owners find S corp tax status appealing because of significant tax benefits. Unlike traditional corporations, S corporations do not pay income taxes. Instead, the company's profits and losses pass through to the owners' personal income tax...

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28 May 2024
Check business tax returns for signs of incorrect Employee Retention Credit claims

The IRS has raised concerns about some promoters misrepresenting the eligibility criteria for the Employee Retention Credit (ERC), leading businesses to incorrectly claim the credit. To address this issue, the IRS has identified seven suspicious signs that could indicate an incorrect ERC claim and is urging businesses to consult with trusted...

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24 May 2024

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