TFX blog

Tax pro tips, ideas, latest news and legal updates explained in plain language to help
you keep compliant, avoid any penalties, and grow your small business finances.

Business deductions and tax breaks
Read more
TFX TAX image for blog
Ines Zemelman, EA
• 10.07.24
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...
Tax documents illustration on a violet background in minimalist style
Business deductions and tax breaks
5 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 08.07.24
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...
UI illustration of a woman interviewing a candidate for a job position in a flat illustration style
Business deductions and tax breaks
6 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 17.05.24
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,...
Understanding the self-employed health insurance deduction
Business deductions and tax breaks
5 mins read

Join a community of business owners getting essential tax tips and the latest news explained in plain language from our experts.

We are committed to your privacy.

TFX uses the information you provide to us to contact you about our relevant content and services. You may unsubscribe at any time.

Join a community of business owners getting essential tax tips and the latest news explained in plain language from our experts.
Filing taxes by entity
Read more
TFX TAX image for blog
Ines Zemelman, EA
• 16.07.24
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...
Illustration of two business owners looking at their tax documents on a violet background
Filing taxes by entity
7 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 25.06.24
Guide to S corp taxes [+ 25 FAQs answered by tax pros]
S corporation taxation is usually quite challenging for small business owners. However, knowing the benefits and requirements of an S corp can greatly benefit your business in both the short and long term. This guide explains what distinguishes S corporations from other tax statuses and offers tips on reducing your business tax bill....
Guide to S corp taxes [+ 25 FAQs answered by tax pros]
Filing taxes by entity
13 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 21.06.24
What's the difference between an S corporation and C corporation?
Choosing the right business structure is a critical decision for any business owner. The structure you choose will affect your taxes, personal liability, and ability to raise capital. Among the various options available, S corporations and C corporations are two of the most popular. Understanding the differences between these two structures...
What's the difference between an S corporation and C corporation?
Filing taxes by entity
6 mins read
Latest tax news & updates
Read more
TFX TAX image for blog
Ines Zemelman, EA
• 27.06.24
IRS unveils revised draft Form 6765 for Research Credit following public feedback
The IRS has announced the release of a revised draft of Form 6765, known as the Credit for Increasing Research Activities. This update follows valuable feedback from various external stakeholders, aimed at reducing taxpayer burden and improving the consistency and quality of information received for tax administration. Key changes to Form...
IRS unveils revised draft Form 6765 for Research Credit following public feedback
Latest tax news & updates
2 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 26.06.24
Court halts organization’s grants to Black women entrepreneurs
Fearless Funds, an Atlanta-based venture capital firm's nonprofit grant program, was recently halted by a federal appeals court. This program, aimed at supporting small businesses owned by Black women, came under scrutiny following a lawsuit led by Edward Blum, known for opposing affirmative action. Grants program and lawsuit...
Court halts organization’s grants to Black women entrepreneurs
Latest tax news & updates
2 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 24.05.24
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...
Check business tax returns for signs of incorrect Employee Retention Credit claims
Latest tax news & updates
2 mins read
Small business tax planning tips
Read more
TFX TAX image for blog
Ines Zemelman, EA
• 09.07.24
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...
Maximizing financial efficiency: Understanding and managing tax overpayment
Small business tax planning tips
3 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 04.07.24
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...
Illustration of a tax document in a flat illustration style on a pink background
Small business tax planning tips
2 mins read
TFX TAX image for blog
Ines Zemelman, EA
• 25.06.24
Maximizing small business tax credits: a comprehensive guide
As a small business owner, understanding the intricacies of tax credits can significantly impact your bottom line. Small business tax credits offer a direct reduction of your tax bill, providing a dollar-for-dollar decrease in your tax liability. This ultimate guide will help you navigate the most valuable tax credits available, ensuring...
Maximizing small business tax credits: a comprehensive guide
Small business tax planning tips
4 mins read