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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• 29.03.24
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...
• 29.03.24
The State of California introduced the California Assembly Bill (CA AB150) in response to the federal Tax Cuts and Jobs Act (TCJA) of 2017. California Assembly Bill (2021) helps reduce the effect of the $10,000 limit on state and local tax deductions for certain businesses.
This article overviews AB150 California and how it can help small...
• 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...
Filing taxes by entity
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• 11.04.24
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...
• 10.04.24
Choosing a tax classification for your business is one of the first and most important steps in setting up. However, in some situations, businesses might have reasons to change their tax status when already operating.
The Internal Revenue Service (IRS) allows such changes through specific regulations. To elect an S corporation tax status...
• 09.04.24
"Tax compliance is not just about paying what you owe but also about understanding the opportunities within the tax code. An informed approach to filing your LLC taxes, even with no income, is a step toward financial savvy and business success." – Tax Expert
Starting a Limited Liability Company (LLC) is a significant step toward...
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...
• 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...
• 19.01.24
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
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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...
![Form 4797: Sales of Business Property [what it is and how to file it]](https://tfxstorageimg.s3.amazonaws.com/ywr6c0zpa2qtn4on50u17p8d3ob0)
• 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...
