Tax Tip Tuesday

Tax Tip Tuesday – March 11, 2025 – Traditional versus Roth IRA

March 11, 2025 By Laser1040

In this Video, Becky discusses the differences between traditional and Roth IRAs.

With a traditional IRA, you can deduct your contributions from your gross income, while with a Roth IRA, you don’t get that deduction upfront.

The traditional IRA may be better if your only retirement income is Social Security, as withdrawals may never be taxable. However, the Roth IRA may be the better choice if you expect to be wealthy in retirement.

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Tax Tip Tuesday – March 4, 2025 – Understanding Your Filing Status

March 4, 2025 By Laser1040

In this Video, Becky explains that a taxpayer’s filing status is determined by their marital status as of December 31 of the tax year.

They are considered married for the entire year if married on that date.

In Montana, common law marriages are recognized, meaning common law couples should file jointly unless the spouse left before July 1 and there are children at home, in which case the individual can file as an unmarried household.

This is the only exception to the general rule. Watch the video for more info

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Tax Tip Tuesday – February 25 2025 – Dollar For Dollar Education Tax Credits

February 25, 2025 By Laser1040

In this video, Becky explains how Montana taxpayers can use valuable education tax credits to reduce or even eliminate their state tax liability.

Learn about the Education Enhancement Credit, which provides a dollar-for-dollar tax deduction for donations to rural school districts, and the Ace Scholarship Program, which supports private school students.

Since funds are limited, early application is key!

Watch the video to see how you can make a difference in Montana’s education system while optimizing your tax strategy.

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Tax Tip Tuesday – February 18, 2025 – Montana Tax Credits

February 18, 2025 By Laser1040

Montana Tax Credits: What’s Still Available in 2025?

Many of Montana’s tax credits have expired, but there are still key opportunities for taxpayers to save money—especially seniors and those on fixed incomes. In this video, tax expert Becky Spencer breaks down two essential tax benefits still available:

✅ Elderly Homeowner and Renter Credit – If you’re over 62 and low-income, you could get a significant portion of your property taxes or rent refunded.

✅ Property Tax Assistance Program (PTAP) – A valuable reduction on property taxes, often factoring in little to none of your Social Security income.

Becky also explains the IRMAA (Income-Related Monthly Adjustment Amount) for higher-income taxpayers, a crucial Medicare cost adjustment that could add up to $530 per month in extra premiums. Strategic tax planning can help reduce these costs—not just on your tax bill, but on your overall financial burden.

Watch now to learn how to keep more money in your pocket this tax season!

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Tax Tip Tuesday – February 11, 2025 – Energy Tax Credits

February 11, 2025 By Laser1040 Leave a Comment

Are you thinking about upgrading your home with energy-efficient improvements or solar panels?

The federal energy credit and solar credit might help you save on taxes, but you must consider essential details.

Contact Laser 1040 to understand how these credits could impact your tax situation over the next five years.

If you are viewing this video on a mobile device, please press the play button on the bottom left of the video. Pressing the play button in the middle of the video may not work.