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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
What are the tax consequences of dissolving an S corporation?

Dissolving an S corporation is an important decision with significant tax implications. Whether due to economic reasons, strategic changes, or shareholder agreements, understanding the tax consequences is essential to ensuring compliance and minimizing the financial impact. This article examines the tax consequences of dissolving an S...

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21 May 2024
Understanding the self-employed health insurance deduction

Navigating taxes as a self-employed individual can be complex, particularly when it comes to deductions. One of the most valuable deductions available is the self-employed health insurance deduction, which allows you to deduct 100% of the premiums you pay for health insurance. This deduction can significantly lower your taxable income,...

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17 May 2024
Backup withholding: Understanding its purpose, process, and implications

Backup withholding is a precautionary tax measure enforced by the IRS (Internal Revenue Service) to ensure that taxes are collected on certain types of income. This mechanism is crucial for income types where regular withholding is not typically enforced, such as interest, dividends, and independent contractor payments. In this article,...

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07 May 2024
S corporation tax benefits: Balancing opportunities and challenges to be aware of

For small business owners contemplating the appropriate legal structure for their enterprise, the S corporation offers a blend of pass-through taxation and corporate liability protection. This entity type, recognized under Subchapter S of the Internal Revenue Code, is designed to support small businesses by avoiding the double taxation...

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29 Apr 2024
Texas emergency supplies tax holiday 2024

As Texas prepares for the upcoming storm and hurricane season, residents can take advantage of a tax holiday for emergency supplies. Scheduled for the last weekend of April, this tax break allows Texans to stock up on necessary items without paying sales tax. Overview of the tax holiday Dates and duration The tax-free period begins...

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25 Apr 2024

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