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TAX SAVINGS

The Home Energy Tax Credits For 2013

By The BIDaWIZ Team on January 30th, 2013 at 6:00 pm

The home energy tax credits that expired at the end of 2011 were retroactively applied to 2012 and 2013. Those that made home improvements during 2013, should go through their receipts to see if they're eligible for the $500 tax credit. .
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TAX PLANNING

How Can You Contribute To A Roth IRA With a High Income?

By The BIDaWIZ Team on January 25th, 2013 at 5:00 pm

Most people know that Roth IRAs are attractive for the tax-free appreciation on the principal. Unfortunately, the tax laws for contributing to a Roth IRA are restrictive for high income earners. However, there are a few ways to get around the income limits set forth by the IRS. .
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TAX PREPARATION

How Much Are You Paying Your Accountant?

By The BIDaWIZ Team on January 25th, 2013 at 11:00 am

Millions of personal and business tax returns will be filed within the next three months. Some filers will opt to use online tax software, while others will seek the professional assistance of a CPA or Enrolled Agent. If you decide to use a tax professional, how much should you expect to pay in fees? A new survey provides some key pricing figures that we should all review. Read More.

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TAX PLANNING

Why Is My 2012 Tax Refund Less Than It Was For 2011?

By The BIDaWIZ Team on January 24th, 2013 at 4:00 pm

Many taxpayers are now starting to file their tax returns as the January 30th IRS processing date is upon us. If you are using a CPA or Enrolled Agent to prepare your return or an online tax software program, you’ll know very soon if you will be receiving a federal and state tax refund, if applicable. If you will be receiving a lower refund as compared to last year, there’s no doubt that you’re going to be asking some questions. What are some of the reasons why your tax refund may be lower this year? Read More.

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TAX SAVINGS

The Tax Breaks Improve For Commuters in 2013

By The BIDaWIZ Team on January 17th, 2013 at 5:00 pm

Lawmakers provided certain taxpayers that commute to work with a nice gift to bring in the New Year. The tax-free fringe benefit for using public transportation as well as qualified parking was increased for 2013 and retroactively applied to 2012. The change can save certain taxpayers several hundred to a thousand dollars annually. Find out if you’ll be a beneficiary. Read More.

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TAX PLANNING

What Types of Debt Relief Are Excluded From Taxable Income?

By The BIDaWIZ Team on January 11th, 2013 at 5:15 pm

Many debtors may have reached an agreement with their lender to settle their debts in 2012. The tax implications for doing so, depend largely on what type of debt was relieved and the financial state of the debtor. Did you have debt relieved in 2012? Read More.

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TAX PREPARATION

When Should I Start Filing My 2012 Tax Returns?

By The BIDaWIZ Team on January 11th, 2013 at 12:00 pm

The tax filing season is about to start for many taxpayers. However, the day that the IRS will begin processing tax returns has been delayed further due to the last minute tax agreement reached by Congress. When should you file your tax return? Read More.

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TAX SAVINGS

Seniors Can Now Donate Their IRAs To Charity

By The BIDaWIZ Team on January 9th, 2013 at 5:00 pm

Many seniors were hoping that lawmakers would retroactively allow individuals to donate up to $100,000 of their IRA to charity. This little known tax break expired at the end of 2011 and had many seniors waiting for it be re-initiated for 2012 and into 2013. Their wish came true, but claiming this tax break for the 2012 tax year isn't very straightforward. After all, the agreement was reached on January 1, 2013 and required minimum distributions were due on December 31, 2013. .
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TAX PREPARATION, TAX REPORTING

What Does the Fiscal Deal Mean For Your 2012 & 2013 Taxes?

By The BIDaWIZ Team on January 4th, 2013 at 5:00 pm

Despite significant criticism, congressional leaders came together in the end to sign into law new legislation that bodes well for the vast majority of individual taxpayers and small businesses. There was certainly some compromise in the tax bill, but many folks should be happy about the result. How will you benefit or not? Read More.

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TAX PREPARATION, TAX SAVINGS

Last Minute 2012 Personal Tax Deduction Questions

By The BIDaWIZ Team on December 21st, 2012 at 10:00 am

The end of the year and the tax filing season is upon us. As you prepare to gather your tax documents, it’s important to understand all of the nuances for claiming personal tax deductions. Read More.

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