Individual Tax Questions Archives - Tim Quinn, CPA

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  • How to prepare for your meeting with your CPA?

    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 […]

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  • Tips on Selecting a Tax Preparer

    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 […]

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  • End of Year Tax Planning Tips:

    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 […]

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  • Changing CPAs!

    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 […]

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  • 2014 Personal Tax Return Extensions are due by October 15th

    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 […]

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  • 2014 Personal Tax Returns on Extension are Due by October 15th

    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 […]

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  • I set up an LLC. Now what do I do?

    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 […]

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  • Comptroller of the Treasury of MD v. Wynne

    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 […]

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  • Made a mistake filing your return?

    No worries.  If you found that you have made a mistake on filing your return or if the CPA has omitted information simply complete Form 1040X. Make sure to provide an explanation for the mistake. The IRS will contact you concerning the submission and review the amended return. The IRS could ask for additional information […]

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  • Estimated Payments

    Estimated payments are made 4 times a year. The dates are April 15th, June 15th, September 15th,  and January 15th. Estimated payments are made to offset the current year’s tax liability. If you are new to making estimated payments I suggest the following:   1. Meet with a CPA. 2. Bring your prior year  tax return. […]

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