Montgomery Community Media

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must […]

It’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance […]

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business and the more you understand about each one, the better […]

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should […]

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the […]

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many business owners fall victim to several […]

¿Recuerda cuando tenía todo ese tiempo extra, tres meses completos para ser exactos, para hacer sus impuestos? Bueno, ahora sólo le quedan dos días. Los plazos de impuestos estatales y federales son el 15 de julio. Debido a la pandemia de COVID-19, los plazos de pago de impuestos sobre la renta se extendieron del 15 […]

Remember when you had all that extra time – three whole months to be exact – to do your taxes? Well now you’ve only got one week left. State and federal tax deadlines are approaching on July 15. Due to the COVID-19 pandemic, income tax payment deadlines were extended from April 15 to July 15. […]

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and […]

A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of […]