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TAX ISSUES

What Do We Do If We Haven’t Been Depreciating Rental Property?

By The BIDaWIZ Team on December 14th, 2012 at 7:00 am

Rental property must be depreciated as per the IRS rules. Unfortunately, many individuals with a vacation or second home don't report their rental property correctly for tax purposes. What once started as a vacation home that you'd rent to folks sparingly can quickly turn into a full blow rental. .
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TAX PLANNING

Can I Borrow From My IRA Tax-Free?

By The BIDaWIZ Team on December 13th, 2012 at 5:00 pm

The short answer is that you technically can borrow from your IRA without facing any penalties or taxes. However, you need to follow certain steps. This should also be a last resort option for obtaining a loan. .
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TAX SAVINGS

The Zero Percent Capital Gains Tax May Apply To You

By The BIDaWIZ Team on December 6th, 2012 at 4:00 pm

The window is quickly closing for investors to sell their long-term capital gains and pay no tax in 2012. While this specific tax break applies to investors that are currently in the 10% tax bracket, many mid to high-income earning families can benefit too. Find out how. Read More.

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TAX PLANNING

Should I Sell Now For A Lower Capital Gains Tax in 2012?

By The BIDaWIZ Team on November 23rd, 2012 at 2:00 pm

Many investors are now on the fence as to what to do with their unrealized capital gains. On one hand, investors are attracted by the chance to only pay 15% on long-term capital gains as opposed to 20% or 23.8% in 2013. On the other hand, investors that sell now will still have to pay a tax instead of deferring it to later years, unless of course they’re in the 15% tax bracket or lower. What should you do? Read More.

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TAX PLANNING

The IRS Is Also Concerned About The Alternative Minimum Tax Patch

By The BIDaWIZ Team on November 23rd, 2012 at 11:00 am

Now even the IRS is lobbying for Congress to reach a decision regarding the expiring Bush-era tax cuts as well as the alternative minimum tax (AMT) patch. The IRS concerns stem from the fact that their tax processing systems are based on current tax legislation and the expectation the AMT will be patched, which could change drastically on January 1, 2013. How will you be impacted? Read More.

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STATE INCOME TAX, TAX PLANNING

The 2013 Tax Increase Will Impact Families Living In These States

By The BIDaWIZ Team on November 16th, 2012 at 2:00 pm

Congress and the President still have time to act to prevent tax increases across the board in 2013. Still, the consensus suggests that at least some tax breaks will be reduced or eliminated in 2013 and many will likely pay higher taxes. The tax foundation recently performed an analysis by state to identify how families earning median incomes will fare with a seemingly new tax landscape in 2013. Are you living in state that’s likely to experience a steep tax increase? Read More.

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TAX PLANNING

Your Social Security Benefits May Be Taxed

By The BIDaWIZ Team on November 16th, 2012 at 10:00 am

For years, taxpayers are subject to social security taxes on the income they earn. It may seem ironic that when they decide to start taking social security benefits, that income is likely taxable should they still receive income from other sources. The government argues that there isn't a tax on those taxes, which is why benefits may be taxable later on in life. Will your social security benefits be taxable when you retire? .
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TAX PLANNING

Major Changes Could Be Coming To The Mortgage Interest Deduction

By The BIDaWIZ Team on November 15th, 2012 at 7:00 pm

Perhaps the most popular tax deduction of them all will be changing come 2013. We all know that President Obama has plans to raise taxes for the wealthy, but the agenda also calls for potentially limiting the mortgage interest deduction. This may have a far reaching impact for both the wealthy and the middle class. .
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TAX SAVINGS

What Are The Tax Breaks For Purchasing A Home in 2012

By The BIDaWIZ Team on November 8th, 2012 at 10:45 am

If you purchase your home before year end, you are eligible for a few tax breaks which will offset your taxable income. In addition, you’ll be able to apply several tax breaks to your 2013 tax return when tax rates are scheduled to rise given President Obama’s recent victory. Find out the tax benefits for purchasing a home now. Read More.

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TAX PREPARATION

IRS Extends Tax Deadlines For Hurricane Sandy Victims

By The BIDaWIZ Team on November 2nd, 2012 at 4:00 pm

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The IRS has shown some compassion for Hurricane Sandy victims. They've extended a few tax deadlines that impact businesses and may provide greater relief in the future. .
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