Laser 1040 – The Billings Montana Tax Experts

Montana Tax Tips

Most Montana taxpayers should itemize on their state tax return. The federal withheld is often already more than the standard so the rest of the deductions are all extra tax refund dollars.

Married couples both working should often file separate on Montana even though they file joint on the federal. Tax deductions with the exception of taxes and insurance withheld or job expense can be claimed by the taxpayer they benefit the most.

Married couples with investment income that is over $2500, especially if social security is involved should check to see if it is cheaper for them to file separately on Montana even though they file the federal jointly.

Handicapped children are allowed an extra exemption on Montana for the parents. Dependent students can also be claimed on Montana even if they have not been claimed on the federal by the parents.

Montana first time home buyers can deduct their entire down payments on a house if they have planned ahead and opened a first time home buyers account prior to the closing on their home.

The Montana college savings accounts can save up to $330 state tax. This account should be opened at least 4 years before the student is ready to go to college and can later be transferred to other family members.

If you are a wealthy taxpayer a planned gift is perhaps the best annuity investment you can make because of liberal tax credits in Montana. To know if this would benefit you would need to consult your accountant.

Montana medical savings accounts can save up to $330 per taxpayer. Anyone can open these accounts even if they have low deductible health insurance. Call Laser 1040 for details.

New rules apply this year for Foster children. Because the federal has changed the rules the Montana also has changed. Foster children must be closely related to you or placed in your home by a bona fide agency.

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Have a great day everyone.