Top-rated tax firm
for small businesses
Expert CPAs and EAs
with 20+ years experience
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.
Trusted by thousands of businesses
Tax and consultation services for small businesses
Need assistance with personal taxes too? We've got you covered!
Let our CPAs and EAs handle all your tax needs, from individual taxes to comprehensive tax services, ensuring a hassle-free experience for you.
Who we help
- Inconsistent record-keeping.
- Failure to make estimated tax payments.
- Not separating personal and business expenses.
- Overlooking potential tax deductions.
- Not understanding self-employment tax obligations.
- Late filing or failure to file Form 1120S.
- Incorrectly classifying distributions and salary.
- Not paying reasonable compensation to shareholders.
- Misunderstanding of shareholder basis rules.
- Double taxation on profits and dividends.
- High corporate tax rates compared to individual rates.
- Complex tax filing requirements.
- Limitations on deducting business losses.
- Issues with retained earnings and accumulated earnings tax.
- Discrepancies in profit and loss distribution among partners.
- Late or incorrect filing of Form 1065.
- Misunderstanding of self-employment taxes for partners.
- Difficulty tracking and maintaining partners' capital accounts.
- Not making required tax elections on time.
- Confusion over tax classification (disregarded entity, partnership, or corporation).
- Not understanding the self-employment tax implications.
- Failing to make state-specific filings or annual reports.
- Mismanagement of member capital accounts.
- 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.
Small business tax tips
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If you own a bar, restaurant, or food delivery service, you may have encountered the challenge of managing and reporting your employees' tips. Even though tip income is not part of the wages you pay your workers for their regular job duties, it is still considered taxable. As an employer, you're responsible for paying income taxes on your...
The IRS has issued a reminder for those who operate large trucks and buses to file Form 2290, Heavy Highway Vehicle Use Tax Return, by Tuesday, September 3, 2024. This deadline applies to vehicles that were first used in July 2024. The usual August 31 deadline has been extended to the next business day due to the date falling on a Saturday...
When it comes to filing taxes for non-employee compensation and miscellaneous income, businesses must be clear about which IRS forms to use. The two most common forms – 1099-NEC and 1099-MISC – serve distinct purposes and have different reporting requirements. Also read. 1099 Forms for LLCs: A comprehensive guide to compliance and best...
Renters often wonder whether their rent payments can be deducted from their taxes. While the federal government does not generally allow rent deductions, there are circumstances and state-specific provisions that can offer tax benefits to renters. This article will delve into the various scenarios under which rent might be deductible, the...