Top-rated tax firm
for small businesses
Expert CPAs and EAs
with 20+ years experience
Working with my tax CPA went above and beyond on her part and I feel very relieved that the previous tax year is completed. They will definitely have my business again next year.
Trusted by thousands of businesses
Tax and consultation services for small businesses
Need assistance with personal taxes too? We've got you covered!
Let our CPAs and EAs handle all your tax needs, from individual taxes to comprehensive tax services, ensuring a hassle-free experience for you.
Who we help
- Inconsistent record-keeping.
- Failure to make estimated tax payments.
- Not separating personal and business expenses.
- Overlooking potential tax deductions.
- Not understanding self-employment tax obligations.
- Late filing or failure to file Form 1120S.
- Incorrectly classifying distributions and salary.
- Not paying reasonable compensation to shareholders.
- Misunderstanding of shareholder basis rules.
- Double taxation on profits and dividends.
- High corporate tax rates compared to individual rates.
- Complex tax filing requirements.
- Limitations on deducting business losses.
- Issues with retained earnings and accumulated earnings tax.
- Discrepancies in profit and loss distribution among partners.
- Late or incorrect filing of Form 1065.
- Misunderstanding of self-employment taxes for partners.
- Difficulty tracking and maintaining partners' capital accounts.
- Not making required tax elections on time.
- Confusion over tax classification (disregarded entity, partnership, or corporation).
- Not understanding the self-employment tax implications.
- Failing to make state-specific filings or annual reports.
- Mismanagement of member capital accounts.
- Not maintaining a clear separation between personal and business finances.
Why work with TFX?
Zero effort online assistance
Experience hassle-free support right from your workspace. Say goodbye to yearly document struggles with our user-friendly online platform.
90% of clients return to TFX
The majority of our clients remain loyal for years and confidently recommend us to their friends. 50,000+ clients in the US and worldwide.
100% accuracy
Every document undergoes a rigorous two-step verification by our supervisory team. Senior tax experts working on your case. No junior staff.
80+ accredited CPAs, EAs, JDs
Dedicated experts committed to guiding you every step of the way. Always on standby to simplify the complex and address all your queries.
Small business tax tips
A retirement plan is one of the most valued employee benefits. The Employee Benefit Research Institute (EBRI) found that having access to a retirement savings plan through an employer greatly contributes to workers' feelings of financial security. Still, 43% of private-sector small businesses do not provide retirement benefit plans to their...
If you're a small business owner running a partnership or an S corporation that generates income from rental real estate, Form 8825 is a tax form you'll need to understand. This form helps you report income, deductions, and other financial details related to your rental properties. In this guide, we'll walk you through Form 8825, explain its...
Competitive compensation is not enough to attract top talent. Businesses should now consider providing attractive employee benefits to hire and retain highly skilled professionals. If you have employees with young children, employer-provided childcare is one of the benefits that they might highly value. The IRS recognizes the importance of...
If you own a bar, restaurant, or food delivery service, you may have encountered the challenge of managing and reporting your employees' tips. Even though tip income is not part of the wages you pay your workers for their regular job duties, it is still considered taxable. As an employer, you're responsible for paying income taxes on your...
The IRS has issued a reminder for those who operate large trucks and buses to file Form 2290, Heavy Highway Vehicle Use Tax Return, by Tuesday, September 3, 2024. This deadline applies to vehicles that were first used in July 2024. The usual August 31 deadline has been extended to the next business day due to the date falling on a Saturday...