Montgomery Community Media

Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is […]

Many working families across the nation are about to receive monthly payments to support childcare needs beginning July 15. Included in the American Rescue Plan, which President Joe Biden signed into law in March, is an expanded Child Tax Credit, which increases the credit to $3,600 per child for children ages 5 and under, and […]

El Concejo del Condado de Montgomery aprobó el martes, por unanimidad, un proyecto de ley que amplía la elegibilidad para el crédito tributario local sobre la renta del condado: el Suplemento de Ingresos para Familias Trabajadoras (WFIS). La enmienda permite a los residentes, que califican para el crédito tributario por ingreso del trabajo (EITC) federal […]

On Tuesday, the Montgomery County Council unanimously approved a bill that expands eligibility for the county’s local income tax credit: the Working Families Income Supplement (WFIS). The amendment allows residents who qualify for either the federal or state earned income tax credit (EITC) to be eligible for the county’s WFIS, according to a council staff […]

The Treasury Department and Internal Revenue Service (IRS) are extending the deadline to file 2020 federal income taxes from April 15 to May 17. The IRS said in a statement that it will provide further guidance on the extension in the coming days. The guidance is likely to be related to tax law changes issued in […]

El gobernador Larry Hogan presentó el lunes un paquete de estímulo de mil millones de dólares que incluye pagos directos a los residentes de Maryland que califiquen. La Ley de Recuperación para la Economía, Medios de Vida, Industrias, Empresarios y Familias (RELIEF) debe ser aprobada por la legislatura estatal antes de que entre en vigencia. […]

Gov. Larry Hogan introduced a $1 billion stimulus and tax relief package Monday that includes direct stimulus payments to qualifying Marylanders. The Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families (RELIEF) Act must be passed by the state legislature before it can take effect. The 2021 legislative session begins Wednesday, and Hogan said he […]

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until 2021. Businesses using the accrual method can […]

General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies: Investments. Selling any investments on which you have a gain (or loss) this […]

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax […]