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Talkin' Taxes

The good news and bad news of upcoming taxes

Last updated Monday, January 7, 2013 - 6:52pm

The American Opportunity Credit was extended for another five years as part of the fiscal cliff deal. This is great news for students.

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Learn how to choose correctly when filing your status

Tracy Bunner Standard-Examiner

Last updated Wednesday, January 2, 2013 - 10:12am

Generally, filing status depends on whether the taxpayer is considered unmarried or married at the end of the tax year.

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Be prepared to wait for your tax refund from the IRS

Tracy Bunner Standard-Examiner

Last updated Wednesday, December 26, 2012 - 10:55am

The IRS will not be issuing Refund Cycle Charts this year. The Refund Cycle Chart was a guide to when to expect your refund.

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Taxpayers may be able claim child care expenses

Tracy Bunner Standard-Examiner

Last updated Monday, December 17, 2012 - 6:25pm

If you and your spouse (if filing jointly) pay child care expenses, these expenses may be eligible for the Child and Dependent Care Credit.

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It’s time to start gathering receipts for tax deductions

Tracy Bunner Standard-Examiner

Last updated Monday, December 10, 2012 - 7:04pm

In last week’s article there was a typographical error regarding the form that goes with the Schedule D. Form 8949 is the form that lists security transactions, not Form 8979.

Thank you to the reader who brought this to my attention.

Now that you know what documents to collect, you should begin to look at what you can deduct. Deductions lower your taxable income so it’s important to have accurate records to take the deduction.

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Tips on how to prepare for the upcoming tax filing season

Tracy Bunner Standard-Examiner

Last updated Monday, December 3, 2012 - 5:56pm

LAYTON — The Young Automotive Group will add a new dealership to their company with the purchase of Barber Brothers Ford, in Morgan.

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Catch a break on moving expenses with a tax deduction

Tracy Bunner Standard-Examiner

Last updated Monday, November 26, 2012 - 8:25pm

Moving expenses are adjustments made to income. These expenses are taken on the first page of the 1040 form and reduce a taxpayer’s taxable income.

When can you deduct moving expenses?

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Some small businesses may qualify for health care tax credit

Tracy Bunner Standard-Examiner

Last updated Tuesday, November 20, 2012 - 11:43am

If you are a small business that has fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year and pay at least half of employee health insurance premiums, you may qualify for the Small Business Health Care Tax Credit.

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Get ready for the increase in taxes in 2013

Tracy Bunner Standard-Examiner

Last updated Monday, November 12, 2012 - 10:43pm

It’s time to buckle up and get ready for some changes coming in 2013.

The tax break is over for everyone who works. For the past two years, taxpayers who work have had to pay less Social Security tax on their wages. An increase in the amount of taxes taken out of your paycheck begins Dec. 31.

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Want to deduct vehicle costs for business use? Know IRS rules

Tracy Bunner Standard-Examiner

Last updated Tuesday, November 6, 2012 - 10:58am

Let’s look at what constitutes a deduction for business miles.

If you use your car in your job or business and it is used only for that purpose, you may deduct the total operation of the vehicle. However, if you use your car for both personal and business miles, you may deduct only the cost of its business use.

There are two ways an employer can reimburse for business expenses: the Accountable Plan and the Non-Accountable Plan.

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Charitable deductions must go to qualified organizations

Tracy Bunner Standard-Examiner

Last updated Monday, November 5, 2012 - 8:35pm

Kindness isn’t always deductible. There are several rules that must be understood regarding what constitutes a charitable deduction.

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Understanding Social Security benefits and the tax return

Tracy Bunner Standard-Examiner

Last updated Tuesday, October 23, 2012 - 7:51am

One of the more confusing items on a tax return is how Social Security benefits are taxed.

Social Security benefits include monthly retirement, survivor and disability benefits. They do not include Supplemental Security Income payments, which are not taxable.

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Pay for next spring's college tuition, materials now to take advantage of expiring tax credit

Tracy Bunner Standard-Examiner

Last updated Monday, October 15, 2012 - 11:27pm

If you have been thinking about going back to college to get that bachelor’s degree, now is the time. The American Opportunity Tax Credit ends this year.

The credit offers up to a $2,500 deduction in each of four years. The first $1,500 is a credit that lowers your tax liability, and the remaining $1,000 is refundable.

The American Opportunity Tax Credit was modeled after the earlier Hope Scholarship and Lifetime Learning credits. It is a dollar-for-dollar tax reduction of up to $2,500 for the first $4,000 in eligible educational expenses (tuition, fees, course-related supplies and so on) that can be taken in each of the first four years. The refundable part is 40 percent of the credit taken.

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IRS tax-extension deadline is less than a week away

Tracy Bunner Standard-Examiner

Last updated Monday, October 8, 2012 - 5:13pm

Oct. 15 is fast approaching. If you filed an extension to file your taxes, you must do so by this date. It is also the deadline for those who filed a hardship-to-pay extension.

The IRS allowed taxpayers and small businesses additional time to pay their tax liability without assessing the Failure to Pay penalty if they filed Form 1127-A (Application for Extension of Time for Payment of Income Tax for 2011 Due to Undue Hardship) by April 15.

The requirements for filing this form were that the taxpayer was unemployed for a period of 30 consecutive days in 2011 or before April 15 and had an adjusted gross income of less than $100,000 ($200,000 if filing jointly). It also allowed small business owners who experienced a 25 percent reduction of income due to the economic downturn additional time to pay the tax liability.

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Medical deduction limit increases go into effect in 2013

Tracy Bunner Standard-Examiner

Last updated Monday, October 1, 2012 - 8:59pm

End-of-year tax planning Tip No. 1: Have you been putting off going to the doctor or dentist, or having surgery? This is the year to get the most out of those unwanted procedures.

In 2012, the baseline for medical expenses deduction is 7.5 percent of the adjusted gross income. This means that, before you can deduct medical expenses, the total must exceed 7.5 percent of the adjusted gross income. For example, if the adjusted gross income on the tax return is $20,000, the amount of medical expenses must be more than $1,500 to get any deduction for these expenses. Any expenses more than $1,500 can be deducted on Schedule A of the tax return.

If you wait until 2013 and beyond, the deduction limit increases to 10 percent of the adjusted gross income.

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