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 Filing taxes by entity Latest tax news & updates Small business tax planning tips

Business deductions and tax breaks

Ines Zemelman, EA

• 22.04.24

Business travel tax deductions: maximizing savings on the go

As a professional traveling for business, understanding the nuances of business travel tax deductions can significantly impact your financial planning and tax obligations. This guide will delve into what constitutes a deductible business expense, how to distinguish between personal and business travel, special considerations for domestic and...

Ines Zemelman, EA

• 16.04.24

Commercial clean vehicle credit for small businesses

The transportation sector is the US's largest source of greenhouse gas emissions. Transforming your small business operations into more eco-friendly practices is crucial to decreasing the nation's carbon emissions and reducing your business tax bill! Starting January 1, 2023, businesses and organizations can purchase new EVs and FCEVs and...

Ines Zemelman, EA

• 29.03.24

Simplified home office deduction for businesses and freelancers

In the evolving landscape of modern work, the home office has evolved from a convenience to a necessity for many small business owners and freelancers. With this shift, understanding the nuances of tax deductions related to home office use has become paramount. The home office deduction stands out as a significant opportunity to reduce...

Filing taxes by entity

Ines Zemelman, EA

• 24.04.24

Filing tax return for an S corp: Form 1120-S instructions

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...

Ines Zemelman, EA

• 19.04.24

Informational returns: Do S corporations get a 1099?

If you own an S corporation, you probably have many operational activities to tackle, like business planning, managing employees, and handling finances. Many business owners wonder if S corporations must get Form 1099 for tax information. This guide will help you understand whether you must receive and issue Form 1099 on behalf of your...

Ines Zemelman, EA

• 11.04.24

Late S corp election: How to file it after the deadline

Small business owners often choose an S corporation tax status due to its pass-through taxation advantages. To elect this tax classification, you must file the IRS Form 2553, Election by a Small Business Corporation, in a timely manner. However, if certain circumstances arise, you may need to file a late S corporation election. This guide...

Latest tax news & updates

Ines Zemelman, EA

• 12.03.24

Small business tax deadline: 2023 tax year

Tax Day is when Americans and US businesses must submit their federal tax forms. It's also important to know that there are other important tax days throughout the year that you should circle on your calendar if you're a business owner. This article lists important tax deadlines for different types of businesses in 2023 and 2024. Remember...

Ines Zemelman, EA

• 29.02.24

TFX is hosting a free webinar for small business owners

Tax complexity is one of the most severe problems faced by small business owners. Most business owners are not experts in tax law. This is why taxes generate so many doubts, questions, and last-minute rushes just before the tax deadline. To assist you in filing your 2023 business taxes accurately and on time, TFX is organizing a free live...

Ines Zemelman, EA

• 19.01.24

IRS issues guidance for employer-managed emergency savings accounts

Introduction to pension-linked emergency savings accounts (PLESAs) The IRS has recently unveiled initial guidelines to support employers in implementing pension-linked emergency savings accounts (PLESAs). These accounts are part of the SECURE 2.0 Act of 2022, crafted to encourage employees to save for unforeseen financial...

Small business tax planning tips

Ines Zemelman, EA

• 23.04.24

Step-by-step guide: Form 5472 for foreign owned businesses

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...

Ines Zemelman, EA

• 22.03.24

Understanding the differences: Forms 1065 vs 1120S

Among the myriad of forms, Form 1065 and Form 1120S stand out for entities structured as partnerships and S corporations, respectively. This article delves into the distinctions, requirements, and strategic considerations of each, offering a comprehensive guide for tax professionals and business owners alike. What are Forms 1065 and...

Ines Zemelman, EA

• 22.03.24

Form 4797: Sales of Business Property [what it is and how to file it]

Understanding the intricacies of tax forms is crucial for business owners, accountants, and tax professionals. Among these, Form 4797, "Sales of Business Property," stands out due to its specific use case and the detailed information it requires. This article aims to demystify Form 4797, offering a comprehensive guide on what it is, when...