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
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,...
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...
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...
Filing taxes as an S corporation in the United States requires meticulous attention to detail and a deep understanding of specific IRS requirements. Form 1120-S is the cornerstone of this annual financial reporting, serving as an S corporation's US income tax return. This form not only ensures compliance with federal tax obligations but also...
Form 5472 is an important document for foreign companies doing business in the United States. This IRS form helps ensure that companies comply with US tax regulations regarding their related party transactions. The form is complex, and proper filing is essential to avoid significant penalties. This guide provides a detailed walkthrough of...