Tracy Bunner

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Nothing is automatic with the IRS

Standard-Examiner contributor, Tracy Bunner
Apr 14 2014 - 5:09pm

Documentation is needed for taking deductions and credits. Nothing is automatic with the IRS. If a taxpayer wants to take a credit or deduction on the tax return, there must be documentation to back up the request. If a taxpayer went to college during the year, there will be receipts that are needed to take the education credit. These can include...

Comments   ·   Read more   ·   Updated: Apr 15 2014 - 12:12am


What last-minute tax filers should know

Standard-Examiner contributor, Tracy Bunner
Apr 7 2014 - 3:51pm

As April 15 quickly approaches, it is important to file your federal and state tax returns on time. 

Comments   ·   Read more   ·   Updated: Apr 7 2014 - 8:16pm


What determines an itemized deduction?

Standard-Examiner contributor, Tracy Bunner
Mar 31 2014 - 4:01pm

Schedule A deductions are referred to as itemized deductions. Getting credit for a deduction on a Schedule A is determined by several factors. One factor is if the total itemized deductions are greater than the standard deduction. The standard deductions for 2013 are:

Comments   ·   Read more   ·   Updated: Mar 31 2014 - 7:33pm


Avoid an underpayment penalty without giving the IRS an interest-free loan

Standard-Examiner contributor, Tracy Bunner
Mar 24 2014 - 1:35pm

What exactly is an underpayment penalty? If you owe taxes when you file your tax return you may be subject to an underpayment penalty if the amount is more than $1,000.As our tax system is a "pay as you earn" type of system, the IRS expects that the tax on income earned is paid when the income is received. Income tax is similar to sales tax. When...

Comments   ·   Read more   ·   Updated: Mar 24 2014 - 9:06pm


What to do if you can’t pay your tax bill.

Standard-Examiner contributor, Tracy Bunner
Mar 17 2014 - 8:26am

If you owe taxes it is important to file the tax return. Even if you can't pay the taxes owed, not filing the return adds an additional penalty known as Failure to File. You can make monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately. The IRS charges a fee for setting up an installment...

Comments   ·   Read more   ·   Updated: Mar 17 2014 - 6:04pm


Payroll taxes are equal to a trust fund

Standard-Examiner contributor, Tracy Bunner
Mar 10 2014 - 1:48pm

All businesses, small and large, should have a separate account for payroll. 

Comments   ·   Read more   ·   Updated: Mar 10 2014 - 1:48pm


When to expect tax documents from employers and others

Standard-Examiner correspondent, Tracy Bunner
Jan 13 2014 - 6:19pm

As the tax season date approaches, most taxpayers will begin to receive needed documents. There are deadlines in which businesses, retirement and investment documents must be sent out.  It is important to realize that deadlines vary and you may need to wait on information needed to complete an accurate return. Employers must provide...

Comments   ·   Read more   ·   Updated: Jan 13 2014 - 6:19pm


Tax returns accepted beginning Jan. 31

Standard-Examiner columnist, Tracy Bunner
Jan 6 2014 - 1:25pm

Filing season for 2013 tax returns begins Jan. 31. This is the date that the IRS will begin accepting 2013 tax returns whether e-filed or paper filed.

Comments   ·   Read more   ·   Updated: Jan 6 2014 - 1:25pm


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Nothing is automatic with the IRS

Standard-Examiner contributor, Tracy Bunner
Apr 14 2014 - 5:09pm

Documentation is needed for taking deductions and credits. Nothing is automatic with the IRS. If a taxpayer wants to take a credit or deduction on the tax return, there must be documentation to back up the request. If a taxpayer went to college during the year, there will be receipts that are needed to take the education credit. These can include...

Comments   ·   Read more   ·   Updated: Apr 15 2014 - 12:12am


What last-minute tax filers should know

Standard-Examiner contributor, Tracy Bunner
Apr 7 2014 - 3:51pm

As April 15 quickly approaches, it is important to file your federal and state tax returns on time. 

Comments   ·   Read more   ·   Updated: Apr 7 2014 - 8:16pm


What determines an itemized deduction?

Standard-Examiner contributor, Tracy Bunner
Mar 31 2014 - 4:01pm

Schedule A deductions are referred to as itemized deductions. Getting credit for a deduction on a Schedule A is determined by several factors. One factor is if the total itemized deductions are greater than the standard deduction. The standard deductions for 2013 are:

Comments   ·   Read more   ·   Updated: Mar 31 2014 - 7:33pm


Avoid an underpayment penalty without giving the IRS an interest-free loan

Standard-Examiner contributor, Tracy Bunner
Mar 24 2014 - 1:35pm

What exactly is an underpayment penalty? If you owe taxes when you file your tax return you may be subject to an underpayment penalty if the amount is more than $1,000.As our tax system is a "pay as you earn" type of system, the IRS expects that the tax on income earned is paid when the income is received. Income tax is similar to sales tax. When...

Comments   ·   Read more   ·   Updated: Mar 24 2014 - 9:06pm

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