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TAX PLANNING, TAX SAVINGS

Preparing For the New Limit On Your Flexible Spending Account

By The BIDaWIZ Team on June 1st, 2012 at 3:00 pm

Recently, your employer requested that you update your employee benefits plan. One of those elections may have been for your flexible spending account (FSA) which allows you to allocate pre-tax dollars towards your medical expenses for the year. Starting in 2013, the amount of funds employees can allocate to an FSA will be capped at $2,500. Read More.

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TAX PLANNING

Are You Near The Age When You Have To Take IRA Distributions?

By The BIDaWIZ Team on May 22nd, 2012 at 12:00 pm

Those of us that socked away thousands of dollars from our paychecks and put it into IRAs or 401(K) plans, may need to start thinking about withdrawals. If you are turning 70 1/2 very soon, you will need to take IRA distributions. Find out if there is a way around this requirement. .
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TAX SAVINGS

The Wealthy Should Pay Attention To This Estate Planning Trick

By The BIDaWIZ Team on May 17th, 2012 at 6:00 pm

We all know that Facebook’s founding team and early investors will make millions off the IPO. But, most of us probably aren’t aware that many of them will owe little to no taxes as result of setting up a trust. Those of us that are millionaires or soon to be may want to learn how Facebook’s elite has avoided taxes as it may be a useful legal maneuver for you too. Read More.

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TAX SAVINGS

Don’t Forget Your VAT Tax Refund When Traveling Overseas

By The BIDaWIZ Team on May 17th, 2012 at 1:00 pm

We're into the summer months when overseas travel reaches its peak. Travelers should be cognizant of the value added tax (VAT) which can be as high as 25% in some countries (i.e. Sweden). .
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TAX PLANNING, TAX SAVINGS

The Wealthy Should Prepare For The Expiring Gift Tax Exemption

By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm

Wealthy individuals that are seeking to pass along their wealth to their children and grandchildren need to be mindful of a major tax break that is set to expire at the end of 2012. Most of us know that we can gift up to $13,000 per year ($26,000 per married couple) to anyone tax-free. But, there is something else called the lifetime gift tax exemption that allows individuals to gift much more tax-free. .
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TAX PREPARATION

Does Amending Your Tax Return Increase Your Chances of An Audit?

By The BIDaWIZ Team on May 10th, 2012 at 6:00 pm

Individual tax returns or extensions were due about three weeks ago. Yet, many filers likely discovered that they made a mistake by unintentionally under-reporting income or expenses. Still, the taxpayer needs to correct it, even if that means ultimately having to pay more tax and amending their federal and state tax returns. So, what are the chances of being audited now that you have to amend your tax return? Read More.

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TAX PLANNING

At 50, You Can Stash More Money Into Your Retirement Account

By The BIDaWIZ Team on May 9th, 2012 at 1:30 pm

Most of us are familiar with the benefits from contributing to a individual retirement account (IRA) or 401(K) plan early in life. In a nutshell, it prepares you financially for when you retire. Fortunately, lawmakers realize that not everyone is able to stash as much into their retirement accounts as they would like to early in life. Those turning age 50 and beyond, may be able to benefit from contributing more to their retirement accounts than when they were younger. .
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TAX PLANNING

Tax Tips When Withdrawing From Your Roth IRA Early

By The BIDaWIZ Team on April 27th, 2012 at 3:00 pm

Back in 2010, many taxpayers with traditional IRAs, were given the opportunity to convert to a Roth IRA, which grows tax-free. Now those same taxpayers under the age of 59 1/2, may want to withdraw funds from their Roth IRA without paying tax or facing a penalty, which is possible. Read More.

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TAX SAVINGS

What Tax Breaks Are Available When Selling A Home?

By The BIDaWIZ Team on April 27th, 2012 at 1:30 pm

Many homeowners or at least 25% of them are still underwater. Yet, there are still folks out there that could sell their home today for a profit. If this is your case, you should know if there are any tax benefits available. .
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