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 […]
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 […]
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. […]
Several clients ask me how they can reduce their taxable income towards the end of the year. I usually encourage them to go thru the items in their homes and find certain household goods that are in good or excellent shape and make a contribution to various charitable organizations. On several occasions the client will […]
President Barack Obama speaks during a joint news conference with British Prime Minister David Cameron at White House on Monday. Outrage intensified in Washington on Monday over the disclosure that the Internal Revenue Service targeted conservative groups for special scrutiny when they applied for tax-exempt status. President Barack Obama, at a White House appearance with […]
How can I spot a charity scam? These are some common-sense suggestions for avoiding rip-offs: Try to avoid making a cash contribution. If possible make your donation using a check or money order made out to the charity-never to the individual soliciting the donation. If you do pay cash always get a receipt. Cash donations […]
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.
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Phone: 410.991.2405
Email: tim@timquinncpa.com
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