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 beclosely related to you or placed in your home by a
bona fide
agency.
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Main Office 121 Grand Avenue
Billings, MT 59101
Phone: (406) 248-3859
Fax (406) 248-8795
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