Tax Tip Tuesday

Tax Tip Tuesday – March 10, 2026 – $1,000 Baby Accounts

March 10, 2026 By Laser1040

In this video, Becky walks through a new federal program that provides a $1,000 investment account for babies born between 2025 and the end of 2028.

Becky discusses how the account works, how the initial $1,000 is invested and grows until the child reaches adulthood, and what families need to understand about taxes when the funds are eventually withdrawn. She also explains the 10% penalty that applies to non-qualified uses, along with the important exceptions for things like education expenses, purchasing a first home, and other qualifying situations.

Becky also covers how employers may contribute up to $2,500 per year to these accounts, which could significantly increase the investment’s long-term value. Finally, she explains the application process and what you need to know about filing Form 4547 to set up the account.

If you have questions about how this program might apply to your family or clients, feel free to reach out.

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Tax Tip Tuesday – March 3, 2026 – How To Avoid IRMMA

March 4, 2026 By Laser1040

Becky discussed the Income-Related Monthly Adjustment Amount (IRMAA), which can increase Medicare premiums for higher-income recipients.

Depending on income levels, these additional premiums can range from about $74 to $444 per month.

Becky also reviewed several practical strategies that may help reduce this potential tax burden.

For individuals who are still working, maximizing contributions to a 401(k) can help lower taxable income.

If eligible, contributing to a traditional IRA may also provide an additional deduction.

For retirees, making qualified charitable distributions (QCDs) directly from an IRA can be another effective way to reduce adjusted income, which may help avoid or minimize IRMAA-related Medicare premium increases.

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Tax Tip Tuesday – February 24, 2026 – Home Tax Sale Rules

February 25, 2026 By Laser1040

If you’re thinking about selling your home — or you recently did — this is important.

In this video, I walk you through the current tax rules for home sales, including the $250,000 capital gains exclusion for single filers and $500,000 for married couples, available every two years if you qualify.

I also explain:

• The ownership and residency requirements you must meet

• How capital gains are calculated (sale price minus your original cost plus improvements)

• Why you must report the sale on your tax return — even if you owe no tax — to avoid unnecessary IRS penalties

Home sales are one of the most commonly misunderstood areas in tax law, and a simple reporting mistake can create bigger problems than necessary.

If you have questions about your situation, reach out. We’re here to make sure it’s done right.

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Tax Tip Tuesday – February 17, 2026 – Senior Tax Deductions

February 17, 2026 By Laser1040

Hey everyone, Becky here — and I’ve got an important update for our seniors this Tax Tip Tuesday.

New this year, low-income seniors may be able to reduce their taxable income by up to $6,000 per taxpayer on their federal return. Now keep in mind, this deduction does start to phase out as income increases, and it’s completely gone for single filers at $125,000 of income — double that for married couples filing jointly.

This deduction is claimed on the new Schedule 1A, so make sure you’re using the updated forms.

Here in Montana, we also have a separate senior deduction of $5,660, and that was already in place last year — so don’t miss that one either.

And one more thing for my Montana seniors age 62 and older: if you have lower income but higher property taxes, you may qualify for the 2EC Elderly Homeowner Credit on your Montana return. That can make a real difference.

If you’re not sure whether you qualify, we’re here to help at Laser 1040. Let’s make sure you’re getting every deduction you deserve. Contact us using the form below.

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Tax Tip Tuesday – February 10, 2026 – Itemizing vs Standard Deductions

February 10, 2026 By Laser1040

Becky breaks down an important tax change for 2025 that could benefit many taxpayers.

She explains why itemizing deductions may now make more sense than taking the standard deduction. In her example, the state and local tax (SALT) deduction alone exceeds the federal standard deduction by $8,500, making itemizing the more advantageous option.

She walks through exactly what to gather: property taxes, vehicle license fees, charitable contributions, home mortgage interest, and medical expenses — including insurance premiums.

Becky emphasizes that this strategy can be especially beneficial for generous charitable givers and homeowners with higher mortgage interest and property tax burdens.