Skip to content
Trusted Answers From Licensed Business Professionals
INSURANCE, TAX PLANNING

Are Insurance Proceeds From Hurricane Sandy Taxable?

By The BIDaWIZ Team on November 1st, 2012 at 10:00 am
insurance-proceeds-hurricane-sandy

Hurricane Sandy was a major blow for several homeowners and businesses. The losses are unprecendented for the region and will trigger an excessive number of insurance claims. It’s important to understand the tax ramifications, if any, for receiving an insurance settlement on a claim. Read More.

Share |
No Comments
TAX PLANNING, TAX SAVINGS

Capital Gains and Dividend Tax Planning For Investors and Corporations

By The BIDaWIZ Team on October 26th, 2012 at 3:00 pm

If the Presidential election and Congress don’t interfere, tax rates are scheduled to increase significantly in 2013 for investors and corporations. Proper planning now can yield significant tax savings. Read More.

Share |
No Comments
TAX PLANNING, TAX SAVINGS

Do I Owe Taxes If I Withdraw From My IRA To Pay For a Home?

By The BIDaWIZ Team on October 25th, 2012 at 11:30 pm

The purpose of an individual retirement account is to provide individuals with a tax favorable vehicle for retirement planning. As such, the IRS levies a hefty 10% early withdrawal penalty should an IRA holder withdraw from their account prior to reaching the age of 59 1/2. There are exceptions to this rule which include withdrawing funds to purchase a first home. .
-or-
Share |
No Comments
TAX PLANNING

Are You Opening A 529 Plan Through Your Financial Advisor?

By The BIDaWIZ Team on October 25th, 2012 at 5:00 pm

The advent of sophisticated technology in the financial services space has brought great change to the way transactions are executed. The days of over-sized commissions on trades are long gone. Today, anyone can execute a trade for under $10. This same wave of innovation and cost reduction is trickling down to retirement planning and college saving products. One such financial product that is now fairly easy to setup is a 529 plan. .
-or-
Share |
No Comments
INVESTING, TAX PLANNING

Should I Still Contribute To My 401K When I’m Older?

By The BIDaWIZ Team on October 19th, 2012 at 6:30 pm

Many of the 75 million individuals in the baby boomer population are already in their 60s or will be so within the next 12 years. One of the questions that they need to be asking themselves is, "What should I do with my 401(K) when I reach retirement age?" Of course, the answer to this question is somewhat dependent on their future employment status. .
-or-
Share |
No Comments
TAX PLANNING

How Much Can I Contribute to My 401K and IRA in 2013?

By The BIDaWIZ Team on October 19th, 2012 at 4:00 pm

Well, at least the IRS recognizes that inflation is beginning to show its ugly face or will so in the near future. The IRS recently announced inflation adjustments to retirement plans, gift taxes, the foreign income earned exclusion, among other items. .
-or-
Share |
No Comments
TAX PLANNING

Is There A Way To Avoid IRA Required Minimum Distributions?

By The BIDaWIZ Team on October 18th, 2012 at 7:00 pm

If you are turning 70 1/2 very soon, you will need to start thinking about withdrawing from your IRA. Unlike a 401(K), a traditional IRA is subject to required minimum distributions (RMDs) whether or not you're still employed. Still, is there a way to avoid IRA RMDs? .
-or-
Share |
No Comments
TAX PLANNING

Is There A Deduction For Burning Down A House?

By The BIDaWIZ Team on October 4th, 2012 at 3:00 pm

With the housing market showing some signs of life, the times of purchasing properties to knock down a home and build a new one, may be returning. Getting rid of the home can actually be a costly process as it requires a demolition team and removal. To reduce the cost and apply for a tax break at the same time, some have let their local fire department handle the demolition and treated it as a charitable gift at the same time. Read More.

Share |
No Comments
TAX PLANNING

Are You Putting Any Nontraded Assets into Your IRA or Roth?

By The BIDaWIZ Team on October 3rd, 2012 at 6:00 pm

Most individuals can contribute to their individual retirement accounts (IRA or Roth) with wages of up to $5,000, or $6,000 for those that are 50 or older. Some individuals may instead contribute to an SEP-IRA, if offered by their employer, which has a $50,000 annual contribution limit. In all cases, the assets that are held in these IRAs may be under scrutiny by the IRS in the upcoming years. .
-or-
Share |
No Comments
TAX PLANNING

The Alternative Minimum Tax May Affect More People

By The BIDaWIZ Team on September 28th, 2012 at 3:00 pm

The alternative minimum tax (AMT) could start impacting an even larger group of taxpayers for the 2012 tax year. This archaic tax was originally created as a way to ensure that wealthy taxpayers couldn't take advantage of tax loopholes and instead pay a minimum amount of federal income tax. While there is basis for the intent of this tax law, it is one of the most poorly designed laws since it has not been adjusted for inflation. Find out if you might get hit up for the AMT for the 2012 tax year. .
-or-
Share |
No Comments