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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Ines Zemelman, EA
• 28.03.24
Form 8849: A comprehensive guide to claiming excise tax refunds
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...
Business deductions and tax breaks
5 min read
Form 8849: A comprehensive guide to claiming excise tax refunds
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Ines Zemelman, EA
• 27.03.24
Home office tax deduction: eligibility, rules, and calculation methods
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...
Business deductions and tax breaks
5 min read
Home office tax deduction: eligibility, rules, and calculation methods
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Ines Zemelman, EA
• 27.03.24
Form 4952 instructions: investment interest deduction
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...
Business deductions and tax breaks
5 min read
Form 4952 instructions: investment interest deduction
Filing taxes by entity
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Ines Zemelman, EA
• 25.03.24
1099 Forms for LLCs: A comprehensive guide to compliance and best practices
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...
Filing taxes by entity
5 min read
1099 Forms for LLCs: A comprehensive guide to compliance and best practices
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Ines Zemelman, EA
• 12.03.24
Single member LLCs: A guide to disregarded entities for tax purposes
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...
Filing taxes by entity
5 min read
Single member LLCs: A guide to disregarded entities for tax purposes
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Ines Zemelman, EA
• 12.03.24
Complete guide to multi-member LLC taxation
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...
Filing taxes by entity
5 min read
Complete guide to multi-member LLC taxation
Latest tax news & updates
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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...
Latest tax news & updates
5 min read
Small business tax deadline: 2023 tax year
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Ines Zemelman, EA
• 12.03.24
Form 7004 instructions: business tax extension
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...
Latest tax news & updates
5 min read
Form 7004 instructions: business tax extension
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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...
Latest tax news & updates
5 min read
TFX is hosting a free webinar for small business owners
Small business tax planning tips
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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...
Small business tax planning tips
5 min read
Understanding the differences: Forms 1065 vs 1120S
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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...
Small business tax planning tips
5 min read
Form 4797: Sales of Business Property [what it is and how to file it]
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Ines Zemelman, EA
• 12.03.24
Augusta Rule: How does it work for small businesses?
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...
Small business tax planning tips
5 min read
Augusta Rule: How does it work for small businesses?