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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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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
S corp vs. partnership: What are the differences?

Choosing a business structure is a big decision that affects your responsibilities, taxes, and personal liability. Two popular options for US-based small business owners are an S corporation and a partnership. Each comes with its own set of advantages and drawbacks. This blog post will explain the differences between S corporations and...

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16 Jul 2024
What is the general business credit?

If you run a small business, effective tax planning can help you lower your tax bill and avoid unexpected taxes. The US government offers several tax deductions and credits to help you keep more of your hard-earned money.  One of the most important is a general business tax credit. It is a collection of credits encouraging specific business...

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10 Jul 2024
Maximizing financial efficiency: Understanding and managing tax overpayment

Tax overpayment occurs when individuals or businesses pay more taxes than they owe, often leading to refunds. While receiving a refund might seem beneficial, overpaying taxes essentially grants the government an interest-free loan. This article explores the concept of tax overpayment, its implications, and strategies to optimize tax...

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09 Jul 2024
Work Opportunity Tax Credit for employers and employees

The Work Opportunity Tax Credit (WOTC) is a federal tax credit designed to encourage employers to hire individuals from groups with employment barriers.  The Work Opportunity Tax Credit delivers financial advantages for small businesses and plays a crucial role in fostering workplace diversity. It helps businesses create more inclusive work...

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08 Jul 2024
Replacement tax in Illinois: guide for small businesses

Illinois is one of the few states that imposes tax on pass-through entities. If you own or operate an S corporation or partnership in Illinois, you must pay state replacement tax. In this article, we will explain the replacement tax in Illinois, including its payment schedules, requirements for each business entity type, and special...

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04 Jul 2024

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