Laser 1040 Billings MT

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.

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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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