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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• 28.03.24
In the world of tax filing and refunds, Form 8849, "Claim for Refund of Excise Taxes," occupies a unique place. This form enables taxpayers to request a refund for certain overpaid excise taxes – a crucial financial relief for many.
Excise taxes, while often less visible than income or sales taxes, are levied on specific goods, activities, or...
• 27.03.24
In recent years, the landscape of the traditional workplace has dramatically shifted, with remote work becoming an increasingly prevalent part of professional life.
This change has been accelerated by technological advancements and, more recently, by global events such as the COVID-19 pandemic.
As a result, the home office has transformed...
• 27.03.24
The baseline rule is not to claim a tax deduction for investment expenses and fees – generally, investment expenses are not tax deductible. Such expenses include managing your stock or bond portfolios and broker or custodial fees.
One exception from this rule is the investment interest expense deduction. You can get a tax break if you borrow...
Filing taxes by entity
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• 25.03.24
Understanding all the complexities of tax obligations while managing an LLC not only ensures compliance with the Internal Revenue Service (IRS) but also optimizes tax benefits.
Among the myriad tax forms and requirements, the 1099 form stands out for its relevance to LLCs, especially those engaging independent contractors and...
• 12.03.24
Whether you're a budding entrepreneur, a professional looking to formalize your business, or simply curious about this business structure, this guide is designed to provide you with a clear understanding of what a single-member LLC is, how it works, and how it differs from other business entities.
Our goal is to provide you with the knowledge...
• 12.03.24
As a business owner, understanding the nuances of how your LLC is taxed is critical to making informed financial decisions.
This guide is designed to demystify the complexities surrounding multi-member LLCs and help you navigate the tax landscape with confidence.
What is a multi-member LLC?
A multi-member LLC, which embodies the LLC...
Latest tax news & updates
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• 12.03.24
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...
• 12.03.24
You might want to delay your business tax filing for many reasons. It could be due to your busy business season coinciding with tax season, or perhaps you're still gathering all the necessary documents for filing your return.
If this is the case, you can use Form 7004 to ask the IRS for a business tax extension. It will give you additional...
• 29.02.24
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...
Small business tax planning tips
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• 22.03.24
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...
• 22.03.24
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...
• 12.03.24
If you've been wondering whether you can rent your home to your business, the Augusta Rule could be the answer. This tax strategy offers a dual benefit: it allows you to reduce your business taxes while earning some tax-free income as a homeowner. Although the Augusta tax rule was not created for business taxation, it still applies.
In this...