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
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• 24.07.24
Form 8941: Small Employer Health Insurance Premiums Credit
Navigating the complexities of tax credits can be daunting for small business owners. However, understanding and utilizing Form 8941, the Credit for Small Employer Health Insurance Premiums can provide significant financial benefits.
This credit is designed to encourage small employers to offer health insurance coverage to their employees by...
• 24.07.24
How to use Form 4136: Credit for Federal Tax Paid on Fuels
Form 4136 is a valuable tool for businesses that pay federal excise taxes on fuel. By accurately completing this form, you can claim credits that directly reduce your tax liability. This guide will walk you through the essentials of Form 4136, from understanding who qualifies to the step-by-step process of filing the form.
What is Form...
• 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...
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Filing taxes by entity
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• 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...
• 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]](https://tfxstorageimg.s3.amazonaws.com/myus49oo5wqblei1lw39nsybgrxl)
• 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...
Latest tax news & updates
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• 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...
• 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...
• 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...
Small business tax planning tips
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• 25.07.24
Understanding the differences between excise tax and sales tax
Taxation is a complex and integral part of any economy, influencing consumer behavior, business operations, and government policies.
Among the various types of taxes, excise tax and sales tax stand out due to their specific applications and impact.
This article aims to elucidate the differences between these two taxes, providing clarity on...
• 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...
• 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...
