Montgomery Community Media

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so that payment is not received until 2023. Businesses using the accrual method can defer income by postponing […]

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning […]

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market. Let’s take a look at some of […]

The United States has a progressive tax system. The more money you earn, the higher your tax rate is and the more taxes you pay to the IRS. In 2021, there are seven tax brackets ranging from 10% to 37%. If you earn $35,000 a year as a single filer, you are in the 12% […]

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employer is properly withholding and reporting retirement account contributions, […]

El primer pago mensual del crédito tributario federal por hijos ha comenzado a afectar las cuentas bancarias de algunas familias elegibles esta semana. La mayoría de los padres recibirán automáticamente pagos mensuales de $ 250 o $ 300 por niño a partir del jueves. El Crédito Tributario por Hijos en el Plan de Rescate Estadounidense […]

Today is Thursday, July 15, and here are five things to know in Montgomery County. 1. Maryland Tax Filing Deadline: Today is the deadline to file Maryland income tax returns. While returns are normally due on April 15, this year the state extended the deadline three months. 2. School Board Meets:  The MCPS Board of […]

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes. […]

El Concejo del Condado de Montgomery aprobó por unanimidad el Proyecto de Ley de Suplemento de Ingresos para Familias Trabajadoras, que altera ciertos requisitos para que los residentes califiquen para el Suplemento de Ingresos para Familias Trabajadoras (WFIS). El 5 de marzo de 2021, la Asamblea General de Maryland promulgó el Proyecto de Ley del […]

It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you get started: Set Realistic Goals. Project your […]