What does a business owner do after setting up a LLC? There are many occasions that I meet with individuals during tax season that have set up a LLC during the year but did not take the appropriate steps after setting up the LLC to be best prepared for filing their business returns. Here are […]
Hello fellow tax filers; Tax season is officially underway. Just a couple tips on preparing for your meeting: Pull your prior tax return and compare your gathered documents to make sure you have received everything. There are several occasions were a client has forgotten a particular document. Take out a legal paid and write down […]
I spent sometime today visiting the IRS website. On the opening page was tips on selecting a tax preparer. Below are some tips taxpayers can keep in mind when selecting a tax professional: Select an ethical preparer. Ask about service fees. Be sure to use a preparer with a preparer tax identification number (PTIN). Research […]
The holidays can be a busy time of year and before we know it it’s JANUARY! When I meet with tax clients during tax season for a consultation they sometimes forget the year end opportunities to save on their tax burden. Here are just a couple of tips: Make charitable contributions either with cash or […]
So you have decided to switch CPAs for this upcoming tax season. Well here are a couple of do’s and don’ts: Don’t wait until tax season to make the switch. The 4th quarter is a great time to interview CPAs before it is CRUNCH TIME! Ask friends and family members for a referral. Interview at […]
If you filed Form 4868 before April 15th you have until October 15th to file your personal tax return before incurring a late filing penalty. If you have procrastinated because either you owe tax or have a complicated tax situation feel at ease. I would be more than happy to set up an appointment, answer your […]
If your 2014 personal tax return is filed after October 15th and you have a tax liability you will be assessed a late filing penalty. In most cases individuals filed an extension because they have a tax liability or they are waiting on a K-1 from a Sub S Corporation or partnership. Now is a […]
My first response to the client is, what type of entity structure did you form? They sometimes look at me with a puzzled look and then I respond with, was the LLC set up as a single member (sole-proprietorship), corporation (shareholders/officers) or a partnership (2 or more individuals). From their answer I can then further advise […]
If you established a LLC that is taxed as a corporation or partnership and filed an extension for 2014 the due date for those returns is September 15th. Several business owners especially those in their first year of filing are unaware of the due date. Most business owners have a difficult time properly compiling their records because […]
Maryland’s personal income tax on State residents consists of a State income tax and a local tax (for the counties and Baltimore City). Residents who pay income tax to another state were allowed a credit against the State income tax, but not against the local tax. The Supreme Court determined that this taxing scheme was […]
Our philosophy is to provide our clients with both personal and professional service. We offer business accounting services, tax preparation & planning, comprehensive Financial Statements, electronic filing, individual accounting services. tax planning, and individual-Corporate-Partnership Tax Compliance.
1538 Star Stella Dr Odenton, Maryland 21113
Phone: 410.991.2405
Email: tim@timquinncpa.com
Cities: Annapolis, Anne Arundel County, Arnold, Bowie, Crofton, Fort Meade, Gambrills, Glen Burnie, Millersville, Odenton, Parole, Pasadena, Prince Georges County, Severn, Severna Park
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