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TAX PLANNING, TAX SAVINGS

Selling or Renting A Home Purchased With the Homebuyer Tax Credit

By The BIDaWIZ Team on August 23rd, 2012 at 1:00 pm
irs definition primary residence

The first-time homebuyer tax credit craze began in 2008 for most purchasers. Four years later, there may still be tax implications for those that claimed the credit. Did you sell or are now renting a home you purchased with the first-time homebuyer tax credit? Read More.

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TAX PLANNING

Retirement Planning For the Self-Employed

By The BIDaWIZ Team on August 17th, 2012 at 2:00 am

We are finding that the older generation or those between the ages of 55 to 64 years old, are increasingly working for themselves. The retirement planning decisions that these individuals make are critical for their financial future. There are two main options that allow self-employed individuals to deduct a portion of their income and grow it tax-free. They are the individual 401(k) and the SEP-IRA. .
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TAX SAVINGS

Which Property is Considered My Primary Residence?

By The BIDaWIZ Team on August 16th, 2012 at 11:00 pm
irs definition primary residence

Many wealth homeowners and interstate commuters, live in multiple locations throughout the year. In some instances, a place that they may not consider a primary residence, can qualify and significantly reduce their capital gains tax. Read More.

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TAX PLANNING

Can I Setup a Low Minimum Roth IRA For My Child?

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

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Minors with earned income should establish a Roth IRA for the tax-free appreciation that they will benefit from after reaching the age of 59 1/2. Fortunately, there are some custodians that have low to no minimum investment requirements which is a perfect option for your child. .
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TAX PLANNING

Transferring Property Into a Trust to Preserve The Gift Tax Exemption

By The BIDaWIZ Team on August 15th, 2012 at 10:00 am

The generous $5.12 million gift tax exemption for single filers and $10.24 million for joint filers, is scheduled to revert to $1 million and $2 million, respectively in 2013. It’s true that Congress may decide to temporarily extend the current gift tax exemption through 2013, since we’re in an election year, but we expect it to eventually be reduced within the next couple of years. This pending tax change coupled with a depressed real estate market, offers homeowners a compelling opportunity to transfer property to a trust for significant tax benefits. Read More.

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TAX SAVINGS

Who Can Claim the Mortgage & Property Tax Deductions in a Divorce?

By The BIDaWIZ Team on August 9th, 2012 at 11:00 am

Typically, spouses in a divorce focus most of their efforts on gaining custody of their children and maintaining residence in the family home. The judge in a divorce case will eventually make a decision on both issues, but the residence ruling can have a long lasting tax impact. Specifically, certain mortgage and property tax payments may be claimed in part or entirely on one or both spouses' tax returns. It depends on the language of the divorce decree and the guidance provided by the IRS. .
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TAX PLANNING

Can I Still Claim the Capital Gains Exclusion If I Sell Within 2 Years?

By The BIDaWIZ Team on August 9th, 2012 at 8:30 am

Homeowners that have lived in their primary residence two of the past five years are eligible for a $250,000 capital gains exclusion when they sell it; $500,000 if married and filing jointly. Those that sell their home without meeting the IRS use and ownership tests, may still be able to claim a reduced capital gains exclusion. Are you eligible for the reduce capital gains exclusion? Read More.

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TAX PLANNING

Preserving Your Spouse’s Estate Tax Exemption

By The BIDaWIZ Team on August 8th, 2012 at 9:00 pm

A long standing issue that required extensive predeath planning, has been resolved with the IRS’s recent guidance on an estate tax law passed by Congress. Understanding this new policy can save wealthy families millions in taxes for their heirs. Read More.

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SALES TAX

Online Shoppers May Have To Pay A Use Tax Soon

By The BIDaWIZ Team on August 2nd, 2012 at 6:00 pm

Most online shoppers understand that they have to pay state sales tax when they purchase from an online seller with a physical location in their state or tax nexus. However, most online shoppers don’t realize that some states require that they remit sales tax or what is commonly called a “use tax” to their state even if the online seller doesn’t have a physical presence. Read More.

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