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!
Tax Tip Tuesday – February 11, 2025 – Energy Tax Credits
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.
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Tax Tip Tuesday – February 4, 2025 – Electric Vehicle Credit
Electric Vehicle Tax Credit Explained
If your income as a couple is $300,000 or more, you are too high to qualify for the $7,500 federal EV tax credit. However, you can transfer the credit to the dealer, who will apply it as a discount on your purchase.
There’s a catch for high-income buyers—if your income exceeds the limit, you must repay the $7,500 when you file your taxes.
For lower-income buyers, the system works differently. Since dealers do not verify income, you can still receive the full $7,500 credit as a discount at the point of sale, and you won’t have to pay it back when filing taxes. This change makes EVs more accessible to those with lower tax liabilities—if they can still afford one.
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Tax Tip Tuesday – April 2, 2024 – Tax Implications of Married vs. Single Status
In today’s Tax Tip Tuesday Becky explains that when one spouse owes back child support or student loan interest, the IRS can take their tax refund to pay that bill. However, the couple can still file jointly using the ‘injured spouse form’ to protect their refund share. Becky emphasized that it is illegal to file head of household if you are married or in a common law relationship.
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