Montgomery Community Media

To significantly reduce your taxes now and in the future, you need to plan ahead. There are several strategies you can adopt to lower your tax bill. When I was studying for the Certified Financial Planner™ certification, I was amazed at the volumes of strategies we are allowed to take to reduce our tax bill. […]

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here […]

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Distributions: Certain distributions made from Jan. 1, 2020, through Dec. 30, […]

The Takoma Park City Council is holding two public hearings on Wednesday, April 28 to discuss the proposed FY22 tax rate and budget. At the hearings, the city will propose to increase real property taxes. For the tax year beginning July 1, 2021, the estimated real property assessable base will increase by 1.9%, equivalent to […]

The gig economy is also referred to as the on-demand, sharing, or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers to provide goods or services. Examples include renting out a home or […]

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Individual taxpayers will automatically avoid interest and […]

Con la aprobación más reciente por parte del gobierno federal del paquete de estímulo económico, a raíz de la crisis desatada por el Covid-19, muchas personas se están preguntando: ¿Dónde está mi cheque?, pero como lo explica el empresario Javier Solís, Co-fundador y Presidente de Toro Taxes, la franquicia de impuestos hispana más grande del […]

Apps like Robinhood make it easy for everyone to play the stock market. If you’re a retail investor who made money last year buying and selling stocks, you may owe capital gains tax when you file your tax return this year. If you lost money, you may be able to deduct that loss and reduce […]

Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act affect both individual taxpayers and small businesses. In 2020, the IRS issued several guidance documents and final rules and regulations that clarified several tax provisions affecting businesses. Here are five of them: PPP Expenses Now Deductible Deductions […]

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 […]