Tax Resources Archives - Tim Quinn, CPA

  • Home
  • /
  • Tax Resources
  • 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 […]

    Read More
  • 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 […]

    Read More
  • 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 […]

    Read More
  • 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 […]

    Read More
  • 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. […]

    Read More
  • 2014 Charitable Contributions

    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 […]

    Read More
  • 5 Unanswered Questions About the IRS Targeting of Conservative Groups

    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 […]

    Read More
  • Charitable Contributions: Frequently Asked Questions

    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 […]

    Read More