Tim Quinn, CPA

06/22/2016

New post (I SET UP A LLC. NOW WHAT DO I DO?) has been published on Tim Quinn, CPA

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 just a ...

02/01/2016

New post (How to prepare for your meeting with your CPA?) has been published on Tim Quinn, 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 any questions you have. Clients occasionally forget to ask questions at the tax table.
Know your fee and when you can expect that your return will be finished.
If the CPA sends you an email asking for additional information DON’T PROCRASTINATE! Get back to the CPA promptly so the return can be completed. Remember tax season is a high volume time of year for CPAs and your return could be put on the “back burner” because of lack of response.

CPAs want to help tax filers understand the different tax laws.
Good Luck,
Tim Quinn, ...

01/04/2016

New post (Tips on Selecting a Tax Preparer) has been published on Tim Quinn, CPA

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 preparer’s history.
Ask for e-file.
Provide tax records.
Make sure the preparer is available after the filing due date.
Review the tax return and ask questions before signing.
Never sign a blank tax return.
Preparers must sign the return and include their PTIN as required by law.

If you would like additional information please visit www.IRS.gov.
 

11/30/2015

New post (End of Year Tax Planning Tips:) has been published on Tim Quinn, CPA

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 goods.
Meet with your CPA to discuss the need to make the fourth estimated payment due by January 15th.
Purchase much needed equipment for your business and take advantage of Section 179 Depreciation.
Best advice prepare your records and set up an appointment with your CPA early.

 

11/25/2015

I am currently on Thumbtack and I am looking for any clients that would like to write a review of the services I have provided for them. Here is the link https://www.thumbtack.com/. I would greatly appreciate your help. Hope everyone has a Happy Thanksgiving!

11/03/2015

New post (Changing CPAs!) has been published on Tim Quinn, CPA

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 least two CPAs if possible.
If you have assets related to your tax return provide the CPA a copy of your return so she/he can input the assets and be prepared for a smooth transition.
Make sure the CPA is responsive to your calls and emails.
Make sure to know the fee structure. Don’t walk away from the meeting without understanding the fee.

Should you have any questions or concerns please visit my website at www.timquinncpa.com or send me an email at [email protected].
 

10/07/2015

We are coming down to the wire! If you filed an extension for your 2014 personal tax return the due date of October 15th is quickly approaching. If you have any questions please feel free to email me at [email protected]. IT'S CRUNCH TIME!

10/01/2015

New post (2014 Personal Tax Return Extensions are due by October 15th) has been published on Tim Quinn, CPA

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 questions, review your previous year’s tax return and help ease your mind while your return is filed in a timely manner. Having 25 years of experience in filing individual and business tax returns I receive a lot of personal satisfaction in answering my client’s questions and filing their returns. Please take the time to visit my website www.timquinncpa.com for additional information or you can email me at [email protected] with your questions.

09/16/2015

New post (2014 Personal Tax Returns on Extension are Due by October 15th) has been published on Tim Quinn, CPA

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 great time to set up a tax consultation to make sure all questions are answered so that your deductions are maximized and your tax is minimized. Having 25 years of experience I do my best to make sure the tax preparation process goes smoothly. I have made it an important part of my business to make sure that the taxpayer’s questions are answered and that they are pleased with my service. Please take your time and visit my website at www.timquinncpa.com for more information.

08/31/2015

New post (I set up an LLC. Now what do I do?) has been published on Tim Quinn, CPA

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 them concerning the recording of profit or losses. Also, business owners need to understand that a LLC set up as corporation or partnership will file different forms and have different due dates than an individual filing a personal return, that contains a LLC taxed as a single member. I always advise new business owners to meet with a CPA as soon as the LLC has been established or before. The tax consultation will help with the tax planning portion of running a business. The initial tax consultation that I provide is free of charge. Please take the t ...

08/05/2015

New post (Corporation and Partnership Returns Due Date on Extension) has been published on Tim Quinn, CPA

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 of the confusion and stress brought on by the establishment of their business in the first year. They are also concerned that they will not be able to cover the cost of having the work done by a professional and try to do the work themselves. In most cases they tend to procrastinate or file incorrectly. I always offer a free initial face to face or over the phone consultation for first time clients. In this particular meeting I guide them thru the filing process taking into account the stress that they are under. They find the process streamlined an ...

07/15/2015

New post (Comptroller of the Treasury of MD v. Wynne) has been published on Tim Quinn, CPA

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 unconstitutional because it discriminated in favor of intrastate over interstate economic activity in violation of the dormant Commerce Clause. The Court found this inherently discriminatory as it operates as an impermissible tariff against residents who earn income in interstate commerce.
Amended returns must be filed within three (3) years from the time a return was filed or two (2) years from the time the tax was paid, whichever is later. You must file a separate claim for each tax year in which you are requesting a refund. Properly filed protective claims pr ...