Montgomery Community Media

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 […]

Montgomery County’s Department of Alcohol Beverage Services is marking its 70th anniversary with the release of three limited edition products. Starting July 2, a specially designed beer and two whiskeys will be sold in most of the 26 ABS retail stores, according to a Montgomery County press release. ABS asked a Maryland brewery and distillery […]

The Montgomery County Council on Tuesday unanimously approved regulations to implement the “More Housing at Metrorail Stations Act,” which aims to incentivize high-rise housing construction at Metro stations by providing a payment in lieu of taxes (PILOT), with some criteria for development. According to the council, the bill offers the PILOT for 15 years for […]

If your child is a student with a summer job, your child’s wages over the summer are considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to […]

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt […]

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17 deadline approaches, it pays to steer clear of the 10 tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, electronic filing is the best way to cut the chances for […]

El 17 de mayo es la fecha límite para presentar la declaración de Impuestos federales al (IRS) Servicio de Rentas Internas, para el año fiscal 2020. Faltan dos meses para la fecha límite de impuestos de Maryland, que es el 15 de julio. Anteriormente, el 15 de abril era el día límite para los impuestos […]

Monday according to the National Today website is National Cherry Cobbler Day, National Do Something Good for Your Neighbor Day, National Graduation Tassel Day and National Walnut Day. It also happens to be the day federal income taxes are due. May 17 is the Internal Revenue Service’s filing deadline for the 2020 tax year for […]