The Montana Medical Savings Account (MSA) is a self-directed account that allows Montana residents to save for federally deductible medical expenses, including out of pocket medical insurance and long term care premiums as well as other personal care

The Inflation Reduction Act (IRA) of August 2022 offers several opportunities to significantly reduce heating and other utility bills in addition to offering generous tax breaks. Below is a recap. Clean vehicle tax credits Refundable tax credit of $7

This recent tax court case nixing the business mileage deduction for a taxpayer illustrates the importance of documenting your business expenses. Theron E Johnson, Petitioner v. Commissioner of Internal Revenue, Respondent T.C. Memo, 2020-79, 6/8.20

With the Covid-19 pandemic in full swing, many people are worried about going out in public, and especially face-to-face meetings. Taxes are no exception. For years, Shotland Tax Consulting has been preparing tax returns for their clients across Mont

INDIVIDUAL CHANGES These changes do not apply to corporations and partnerships.They are applicable to anyone who files a 1040 Individual Income Tax Return – The personal exemption for filers and dependents of $4050 each has been eliminated. -Th

In response to the 2017 Tax Cuts & Jobs Act. the IRS has come out with a new online withholding calculator. Deductions, credits and exemptions have all been affected. First, a maximum $10,000 can be deducted for a combination of state income and

The Senate and House versions have been reconciled and are headed to the President’s desk for signature Key aspects –reduction of the corporate tax rate from 35% to 21% –reduction of pass-through business income taxes. Allows a dedu

With the advent of new companies such as Uber and Lyft, many people are taking the opportunity to earn extra income while retaining relative independence. If done right, this can be a lucrative endeavor. If done wrong, it quickly becomes an unexpecte

A recent article on the CBS website http://www.cbsnews.com/news/identity-stolen-this-federal-site-is-your-first-step/ offers advice to anyone who has had their identity stolen. It directs the reader to the Federal Trade Commission (FTC) website https

Much has been written about the Affordable Care Act (ACA), aka Obamacare and its effects on taxes. Misinformation, scare tactics, and to an extent, a feeding frenzy among the tax preparer industry have ensued. The result is fear and confusion. This a