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TAX SAVINGS

Is It Better To Use Savings Bonds For Tuition or Student Loans?

By The BIDaWIZ Team on April 20th, 2012 at 3:00 pm

Students that are debating how to pay for their tuition and loans, have an important decision ahead of them. If they have Series EE US Savings Bonds, they need to decide if they should use their bonds for tuition or to pay off their student loans. Read More.

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TAX ISSUES, TAX PREPARATION

Does Filing an Extension Increase My Chances of Being Audited?

By The BIDaWIZ Team on April 17th, 2012 at 2:00 pm

Taxpayers that are considering filing an extension or already did, may want to know what the consequence is for filing an extension, if any. Read More.

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TAX ISSUES, TAX SAVINGS

What Steps Should I Take to Fix an Incorrect Tax Refund?

By The BIDaWIZ Team on April 13th, 2012 at 3:00 pm

Let's suppose that we receive our tax refund check from the federal government or the state, but the amount is incorrect. Don't panic. There are steps you can take to resolve the matter quickly. .
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TAX PREPARATION, TAX SAVINGS

Why Is My Tax Refund So Much Lower This Year?

By The BIDaWIZ Team on April 13th, 2012 at 11:00 am

Those taxpayers that already filed their returns should have received a tax refund by now if they paid too much in withholding taxes. Most of us are almost programmed to expect a big tax refund in April or May. This is why many taxpayers find themselves perplexed when their tax refund is much smaller than expected even though their income was similar to last year. .
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TAX SAVINGS

These Expenses Are Surprisingly NOT Deductible

By The BIDaWIZ Team on April 11th, 2012 at 4:30 pm

We’re in crunch time now with tax season as personal returns or extensions must be filed by next Tuesday, April 17th. Before filing, tax filers should review the return carefully to make sure that all of the expenses claimed are in fact tax deductible. Read More.

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MORTGAGES, TAX PLANNING

Major Tax Break May Expire For Homeowners That Are Underwater

By The BIDaWIZ Team on April 10th, 2012 at 5:00 pm

The February 2012 existing home sale figures indicate that 34% of the homes sold were at deep discounts (20% due to foreclosures and 14% due to short sales). Homeowners that are currently underwater need to be aware of the tax break that is scheduled to expire at the end of 2012. Read More.

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TAX ISSUES, TAX PREPARATION

What If You Can’t Afford To Pay Your Taxes?

By The BIDaWIZ Team on April 6th, 2012 at 10:00 am

Individuals may have more difficulty paying their taxes on April 17th as compared to previous years. This year, the first tax payment is due for converting your traditional IRA into a Roth. You may have also cashed out your 401K or other retirement account early because you were strapped for cash. Don’t panic, there are steps you can take to reduce penalties and maintain good standing with the tax authorities. Read More.

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TAX PLANNING

Will The Dividend Tax Rate Rise in 2013?

By The BIDaWIZ Team on April 5th, 2012 at 6:00 pm

We're back to the waiting game of trying to figure out if the dividend tax rate will rise as scheduled on January 1, 2013. Back in 2010, we were in this same predicament but Congress decided to kick the can down the road and extend the Bush tax cuts. Will it happen again? Either way, let's explore the consequences so we can prepare for each outcome. .
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TAX SAVINGS

Is A Pet a Valid Tax Deduction?

By The BIDaWIZ Team on April 5th, 2012 at 12:00 pm

There are many taxpayers that actually claim their pets as a dependent on their tax returns. To set the record straight, in almost all circumstances, a pet is not a valid tax deduction. However, there are certain instances in which the pet can be deductible. Find out if your pet qualifies. Read More.

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TAX SAVINGS

Are There Any Tax Breaks For Owning a Vacation Home & Renting It?

By The BIDaWIZ Team on April 4th, 2012 at 10:00 pm

Sometimes taxpayers that own vacation homes miss out on some valuable tax breaks. This may impact you because believe it or not, the IRS considers many types of dwellings a vacation home: house, condo, co-op, RV, house trailer, and even a boat with cooking, sleeping, and restroom amenities. What are the potential tax breaks and should I also consider renting it out? Read More.

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