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TAX BREAKS

Can Real Estate Professionals Deduct Losses Without Limits?

By The BIDaWIZ Team on January 6th, 2015 at 6:40 pm

The tax code provides details on how to determine whether rental property losses are passive or non-passive. Real estate professionals should understand the differences between the two as it impacts their ability to reduce their taxable income. .
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SMALL BUSINESS, TAX BREAKS

Lawmakers Approve Key Small Business Tax Extenders

By The BIDaWIZ Team on December 19th, 2014 at 11:12 pm

As we predicted earlier this week, the Senate and President Obama did in fact approve the tax extenders for both individuals and businesses. The Tax Increase Prevention Act reinstates expired 2013 tax breaks as well as extends key tax provisions that were scheduled to expire at the end of 2014. Despite the overall positive news, the new law only provides a temporary one year solution. These same tax breaks are now set to expire on December 31, 2014. Read More.

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TAX BREAKS

Claiming The New Standard Mileage Rate For Business

By The BIDaWIZ Team on December 16th, 2014 at 12:41 am

The IRS released the new standard mileage rates to calculate deductible costs for the 2015 tax year. This impacts those using a vehicle for business, charity, or medical and moving purposes. With the exception of costs related to business, the standard mileage rates all stayed the same or were slightly down from 2014 due to lower gas and oil costs. Still, should you even claim the standard mileage deduction for business? .
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TAX BREAKS

Small Business Tax Extenders Likely To Be Approved

By The BIDaWIZ Team on December 15th, 2014 at 4:56 pm

The House of Representatives voted in favor of passing a slew of notable small business tax benefits that expired at the end of last year. The Senate and President Obama have yet to approve the proposed tax legislation, but all indications are that they will follow the House’s lead. This should be welcoming news for businesses that have waited for confirmation before moving forward on 2014 capital purchases. Which tax breaks are likely to be reinstated? Read More.

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TAX BREAKS

Important Year-End Tax Planning Tips For Small Businesses

By The BIDaWIZ Team on November 28th, 2014 at 4:29 pm

Businesses are running out of time to implement and act on year-end tax planning strategies. In addition, most companies have a few variables added to the mix this year. Mainly, the nineteen notable expired tax benefits from the prior year and those that are set to expire at the end of this year. How should your business prepare? Read More.

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TAX BREAKS

Tax Deductions For the Self Employed

By The BIDaWIZ Team on February 21st, 2014 at 7:12 pm

Whether you worked on a few side-jobs during the year or have your own business, it's important to make sure that you don't miss any tax deductions that are available for the self-employed. Make sure you review these key tax breaks. .
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TAX BREAKS

Can S Corporations Deduct Employee Medical Expenses?

By The BIDaWIZ Team on February 7th, 2014 at 5:16 pm

Many S Corporations pay for employee medical expenses. This may be for employees that are also shareholders. The tax guidelines for deducting such expenses will depend on whether the medical expenses are for employees that are shareholders owing more or less than 2% of the company. .
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TAX BREAKS

Can Businesses Write-Off Holiday Party Costs?

By The BIDaWIZ Team on November 29th, 2013 at 5:43 pm

The holiday season is finally upon us. As is customary each year, many businesses will begin announcing their plans for the annual company holiday party. In addition to finalizing their budgets, business owners need to understand what costs they can and cannot deduct as the IRS is known to scrutinize these expenses. Read More.

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TAX BREAKS

The Top Three Most Tax-Friendly States For Businesses

By The BIDaWIZ Team on October 11th, 2013 at 5:29 pm

We recently highlighted the most attractive places for individuals to retire for the tax savings. Our analysis may have surprised many folks nearing retirement. We believe this may also be the case for businesses considering a relocation to a new state. As is the case for individuals, states taxes for businesses aren't all equal. .
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TAX BREAKS

Will Changing Tax Legislation Favor C Corps Over S Corps?

By The BIDaWIZ Team on June 25th, 2013 at 4:17 pm

Dramatic changes to the tax code were initiated in the beginning of this year and more can be on the way for 2014. The highest marginal personal tax rate of 39.6% now tops the corporate rate of 35%. Does this change signal a trend going forward and should small business owners start to re-think their S Corporation tax structure? .
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