tax

March 17, 2021 | Deirdre Byrne

photo of tax form 1040 with pencil

IRS Extends Tax Filing Deadline to May 17

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 […]

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January 12, 2021 | Andrea Sarralde

Hogan Propone Pagos Directos como Parte del Nuevo Paquete de Ayuda de Mil Millones

El gobernador Larry Hogan presentó el lunes un paquete de estímulo de mil millones de dólares que incluye pagos directos a los residentes de Maryland que califiquen. La Ley de Recuperación para la Economía, Medios de Vida, Industrias, Empresarios y Familias (RELIEF) debe ser aprobada por la legislatura estatal antes de que entre en vigencia. […]

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January 11, 2021 | Maryam Shahzad

Hogan Proposes Direct Stimulus Payments as Part of New $1 Billion Relief Package

Gov. Larry Hogan introduced a $1 billion stimulus and tax relief package Monday that includes direct stimulus payments to qualifying Marylanders. The Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families (RELIEF) Act must be passed by the state legislature before it can take effect. The 2021 legislative session begins Wednesday, and Hogan said he […]

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November 23, 2020 | Juanita Farmer, CPA

Blog: Year-End Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until 2021. Businesses using the accrual method can […]

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November 16, 2020 | Juanita Farmer, CPA

Blog: General Tax Planning Strategies

General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies: Investments. Selling any investments on which you have a gain (or loss) this […]

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October 6, 2020 | Juanita Farmer, CPA

Blog: Six Tips for Starting Your Own Business

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax […]

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July 6, 2020 | Maryam Shahzad

Councilmembers Want Property Tax Exemptions for High-Rise Developers at Metro Stations

Montgomery County Councilmembers want high-rise housing at Metro stations. Councilmember Hans Riemer held a press conference at the Forest Glen Metro Station Monday to discuss Bill 29-20, which would offer private developers payment and exempt them from property taxes for 15 years if they build high-rise buildings on Metro property. The housing must be at […]

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April 1, 2020 | Andrea Sarralde

¿A Quién le llegará Dinero como Parte del Estímulo Económico?

El Senado estadounidense aprobó un paquete de estímulo económico de $2,000 millones de dólares para aliviar parte de la crisis generada por la pandemia COVID-19. Como parte de este paquete de estímulo el gobierno anunció que van a enviar dinero a través de la Oficina de Servicios de Rentas Internas IRS. Dendry Aguilar del Centro […]

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March 10, 2020 | Andrea Sarralde

Epoca de Impuestos: Evite Fraudes y Organice su Contabilidad

Es época de declaración de impuestos y los contribuyentes tienen fechas límites para ponerse al día, ya sea como personas individuales y/o como empresarios. La contadora y experta en finanzas Deicy Rivera propietaria de Global Consulting Services, una empresa establecida en el condado de Montgomery, habla con MyMCmedia sobre lo que debemos tener en cuenta […]

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November 21, 2019 | Juanita Farmer, CPA

Blog: Year-End Tax Planning Strategies for Businesses

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not received until 2020. Businesses using the […]

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