TAX ADVICE | BIDaWIZ Blog

STATE INCOME TAX

Which States Offer Retirees the Greatest Tax Benefits?

By The BIDaWIZ Team on September 27th, 2012 at 12:00 pm

For those living in the Northeast, the common practice is to move to Florida during your retirement years since there is no state income tax and the weather is warm. However, that’s not necessarily the best course of action for all retirees as their specific set of circumstances should play a large role in this decision. Which state should you retire in for tax purposes? Read More.

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TAX PREPARATION, TAX SAVINGS

What Job-Hunting Costs Can I Deduct on My Tax Return?

By The BIDaWIZ Team on September 21st, 2012 at 5:00 pm

The labor market is still struggling with elevated levels of unemployment. That means that there should be a large number of individuals looking for work in addition to those already in the labor force and looking to upgrade. Searching for jobs can be expensive. Find out what costs are deductible. .

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SALES TAX

Amazon Will Begin Collecting California State Sales Tax

By The BIDaWIZ Team on September 14th, 2012 at 6:00 pm

Today will be the last day for Amazon consumers to avoid paying state or local California sales tax. Will Amazon implement this policy for other states too? Read More.

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TAX SAVINGS

What Are The Tax Breaks For Donating a Car to Charity?

By The BIDaWIZ Team on September 13th, 2012 at 5:30 pm

It used to be that you could just deduct your old clunker based on the Kelly Blue Book fair market value on Schedule A of your form 1040. Things have changed, thanks to those that took advantage of this seemingly straightforward tax break. .

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TAX PLANNING

Are You a Passive Real Estate Investor Prepared for 2013 Taxes?

By The BIDaWIZ Team on September 11th, 2012 at 8:00 pm

Real estate is one asset class that will be impacted by rising tax rates in 2013. Those that passively invest in properties, need to understand how they could be paying higher taxes very soon. .

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TAX PLANNING

Tax Planning Strategies to Mitigate Your Risk for Higher Taxes in 2013

By The BIDaWIZ Team on September 7th, 2012 at 4:00 pm

The jury is still out on whether or not the bush-era tax cuts will be extended into 2013. However, there are certain new taxes that will definitely impact high income earners next year: the 3.8% net investment income tax and the additional 0.9% medicare tax. What strategies can you follow to escape these new taxes? Read More.

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TAX SAVINGS

Which Divorced Parent Can Claim The Child Care Expenses?

By The BIDaWIZ Team on September 7th, 2012 at 2:00 pm

Parents going through a divorce usually fight over more than just the assets that the family holds. They also argue over who can claim the children as dependents on their tax returns, among other child care related expenses. .

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TAX SAVINGS

What Happens If I Suffer a Casualty Loss or Theft During the Year?

By The BIDaWIZ Team on September 6th, 2012 at 11:00 pm

The extreme weather that impacted much of the deep south last week, should be a reminder to all of the tax consequences for suffering a casualty loss or theft during the year. If you're one of the unlucky ones, find out what you need to know to reduce your tax liability. .

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TAX PLANNING

What Qualifies as a 529 Expense?

By The BIDaWIZ Team on September 5th, 2012 at 7:00 pm

Parents that are planning to send their children to college with the funds in their 529 plan account, may want to spend extra time understanding the rules for qualified expenses. There are certain college costs that are clearly qualified, while others are somewhat up to interpretation. Read More.

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TAX PLANNING

Which Retirement Account Should I Withdraw From First?

By The BIDaWIZ Team on August 31st, 2012 at 12:45 pm

Normal retirement age for most people is 65, give or take a year or two. As you start to approach that age or are already there, it's important to develop a strategy for which retirement accounts you will be withdrawing funds from first. .

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