Tax Tip Tuesday

Tax Tip Tuesday – February 03, 2026 – Tax On Tips

February 3, 2026 By Laser1040

Becky breaks down the new no-tax-on-tips deduction and what it really means for tipped workers. She explains that eligible employees may be able to deduct up to $25,000 using the new Form 1A, provided their income falls within the qualifying limits (up to $150,000 for single filers and $300,000 for married couples filing jointly).

Becky also explains how employers should report tips separately on your W-2, and how self-employed workers—such as rideshare or delivery drivers—must report their tips correctly.

Finally, she walks through Form 4137, which is used to report Social Security and Medicare tax on tips, and reminds viewers of an important truth: tips are always taxable, including cash tips. Failing to report them can cost you thousands of dollars in Earned Income Credit refunds and may reduce your future Social Security benefits.

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Tax Tip Tuesday – January 27, 2026 – Ghost Preparers

January 27, 2026 By Laser1040

Becky discusses important IRS guidance on choosing a trustworthy tax preparer.

She explains that anyone paid to prepare your tax return must legally sign it—if they don’t, they’re considered a ghost preparer with no real tax accountability or expertise.

Becky also shares tips for safely filing your own return online, including avoiding public Wi-Fi and using irs.gov to access legitimate filing sites.

She emphasizes the risks of using ghost preparers or filing completely on your own, especially if you face an IRS audit or receive a correction notice and aren’t prepared to respond.

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Tax Tip Tuesday – January 20, 2026 – Overtime Pay Tax Benefits

January 20, 2026 By Laser1040

Becky explains how overtime premiums up to $12,500 are not taxed if your income is under $100,000, with the deduction phasing out at $150,000 income (doubled for married filers).

She addresses the common misconception that overtime isn’t worth it when your take-home pay seems lower in a single pay period, clarifying that this averages out over the year and typically results in a larger tax refund due to higher withholding.

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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