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Tax Guide
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Business tax return

Business tax return

TFX helps business owners
stay in compliance with the IRS

We have been helping business owners with tax planning &
tax return preparation for more than 25 years.

Being your own boss is a great advantage. But, it also implies a number of challenges — from choosing a business structure to accurately filing your taxes and staying on the right side of the IRS & state authorities.

Every business must file a business tax return, even if the business did not have profit for the year. In addition, information from a business return flows through to the personal tax returns of the owners/partners, making it even more critical that a return is filed correctly and utilizes all available tax credits.

TFX is here to assist you with all US tax issues which may arise as an owner of an LLC, corporation, or a member of a partnership. Whether you need to file Form 1120-S (S Corporation), 1065 (Partnership) or Schedule C, we can assist with any and all issues you may encounter.

How TFX can help

Expert team, no junior staff

At TFX, we have been preparing business tax returns for over 25 years. We never hire junior staff. No outsourcing, no middlemen: you’ll be working directly with an experienced (our average age is 42) CPA or EA who will handle your case from beginning to end.

Expert team, no junior staff

Help & support

Aside from knowledge, convenience and security are what we value at TFX. And these key features are what our clients are thrilled with. Our best-in-class secure online portal makes TFX the top-rated tax firm (with an average score of 4.8/5 on Trustpilot).

Help & support

Phone consultations

In addition to tax filing & compliance, TFX offers tax planning & phone consultations. Choose a convenient time & book directly in your client portal.

Phone consultations

Transparent pricing

TFX pricing is transparent, which means you’ll always know what you pay for.

Transparent pricing

Business tax preparation FAQ

1. My business had no profit for the year. Do I have to file?

Every business must prepare and file a business tax return, even if you think you don’t owe any business taxes. Depending on the business structure and state of incorporation, different forms will be required. Your TFX expert will handle everything for you, including keeping you abreast of deadlines.

2. What forms can you file for business taxes?
  • Sole proprietors are required to report their income on Schedule C of Form 1040.
  • Partnerships are required to file Form 1065 and provide Schedules K-1 for each partner.
  • S-corporations are required to file Form 1120-S and provide Schedules K-1 for each shareholder.
  • Corporations are required to file Form 1120.
  • Single-member LLCs, by default, must report their income on Schedule C of form 1040.*
  • Multi-member LLCs, by default, must file form 1065 and provide Schedules K-1 for each LLC member.*

*If an LLC has made an entity classification election, it can choose, for tax purposes, to be treated as a corporation filing Form 1120 or an S-corporation filing form 1120-S.

3. Who will prepare my business tax return?

At TFX there are 80+ accredited CPAs, EAs, and JDs. 

We don’t outsource any work to third parties in foreign countries. We never hire junior staff - only experienced professionals work on your case.

4. How long will it take for you to file my business' tax return?

Our standard turnaround time is up to 15 business days per filing year.

We value quality above haste - and unlike other firms we do not work in silos - every preparer at TFX (IRS Enrolled Agents or CPAs) works with a supervisor (also CPA or EA) to ensure that every return is prepared correctly and in the most optimal method for the client.

We do understand that sometimes time is of the essence. That is why we also offer rush service options*.

Depending on the time of year and the complexity of your return, if possible we can offer rush service - 3 or 5 business days from the time you sign our Engagement Letter. Rush service requires prepayment at the time of signing of the Engagement Letter and carries a surcharge of 50 or 100%. Please contact your tax consultant so that we can provide a quote.

5. How can you guarantee that I'm getting the best tax return possible for my business?

At TFX the return we prepare is checked by at least two tax professionals. This ensures that all issues - no matter how simple or complex - are inspected and best course of action for the client is chosen.

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276 5th Ave, St. 704, NY NY 10001

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