Montgomery Community Media

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld […]

Two Montgomery County post offices will be open late today to receive tax forms. Open till 6 p.m.: White Flint Mall, 11301 Rockville Pike, Kensington, Md. 20895-9997 Open till 6 p.m.: Silver Spring Main Station, 8653 16th Street Open till 7:30 p.m.: Suburban Window Service, 16501 Shady Grove Road, Gaithersburg, Md. 20898-9996   The Postal […]

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to […]

Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2016, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount. Note: Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not […]

Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state […]

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no […]

Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. 1. General Filing Rules. Whether you need to […]

The reality is, we tend to spend our time focusing on accumulating assets and retirement funds but what happens when it’s time to draw down those accounts and tap into our assets? It’s not always easy to shift gears and suddenly have to worry about finances and (gasp) stick to some kind of budget once […]

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. As you will see, the rules for […]

Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2017, more […]