Montgomery Community Media

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not received until 2019. Businesses using […]

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. […]

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from retirement plans: 1. Early Withdrawal. An […]

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. But some retirees may be in for a surprise. […]

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. […]

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation. Many taxpayers have already adjusted their […]

Though it’s never too late to start, 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. Set Realistic Goals. Project your retirement expenses based on your needs, not rules of thumb. Be […]

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and told you exactly what’s working and what isn’t? Well, there is such a tool; it’s called the Budget vs. Actual Report, and it’s exactly what you need to be able […]

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the […]

Many of the tax provisions under the Tax Cuts and Jobs Act of 2017(TCJA) were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent for […]