Tax Laws and Changes Archives - Tim Quinn, CPA

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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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  • Corporation and Partnership Returns Due Date on Extension

    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 […]

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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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  • 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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