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TAX PLANNING

The 2011 IRA Contribution Deadline Also Impacts High Income Earners

By The BIDaWIZ Team on April 3rd, 2012 at 4:00 pm

The April 17th deadline for individuals to file their tax returns is quickly approaching. That's not the only deadline that tax filers should be thinking about. IRA holders (both Traditional & Roth) have until the tax filing deadline to contribute to their retirement accounts. .
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TAX PREPARATION

Which Tax Records Do I Need to Keep on File?

By The BIDaWIZ Team on March 30th, 2012 at 4:00 pm

At the end of tax season, clients frequently ask us which files do they need to keep and what files can they get rid of for good. And then, there is also the tax return itself. Read More.

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TAX ISSUES

How Should I File My Taxes If My Spouse Has Tax Liens?

By The BIDaWIZ Team on March 29th, 2012 at 10:00 pm

We receive this question almost on a daily basis and the answer is that it depends on the specific circumstances. There are two potential options to consider: 1) Married Filing Jointly & Claiming Injured Spouse Relief via Form 8379 or reporting as 2) Married Filing Separately. .
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TAX ISSUES

Should I Worry About Tax Refund Fraud?

By The BIDaWIZ Team on March 22nd, 2012 at 4:30 pm

Tax refund fraud is up almost 700% in the past 3 years. Last year alone, there were over 2 million bogus returns filed as identity theft schemes become more sophisticated. What can I do to prevent it from happening to me? .
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TAX ISSUES, TAX PREPARATION

What Happens If I Forget to Claim a Net Operating Loss On My Return?

By The BIDaWIZ Team on March 20th, 2012 at 6:00 pm

Taxpayers that are owners or investors in pass through entities (i.e. LLCs, partnerships, sole proprietorships, s corporations) may be able to claim a net operating loss (i.e. NOL) on their own tax returns. However, not all investors properly claim it and are left scratching their heads about how to fix their mistake. .
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TAX BREAKS, TAX SAVINGS

What Types of Travel and Entertainment Expenses Can You Writeoff?

By The BIDaWIZ Team on March 16th, 2012 at 2:00 pm

Some of the most significant expenses that small businesses can deduct relate to travel & entertainment. Unfortunately, the tax code doesn't make it very easy for us to identify what we can & cannot deduct on our return. .
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TAX SAVINGS

Tax Breaks for College Students and Their High Income Parents

By The BIDaWIZ Team on March 15th, 2012 at 11:30 pm

There are a few valuable tax deductions and credits that parents and students can take advantage of for the 2011 tax year. Parents that are even high income earners can pass along certain tax breaks to their college kids. Read More.

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TAX SAVINGS

Managing Your Mutual Fund Shares to Reduce Your Tax Liability

By The BIDaWIZ Team on March 14th, 2012 at 3:00 pm

We are often told to invest in mutual funds with a strong track record and low expense ratios. Let's also not forget about tax efficiency as an investment criteria. .
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TAX ISSUES

What Happens If I Contribute Too Much To My Roth IRA?

By The BIDaWIZ Team on March 12th, 2012 at 8:00 pm

It is not uncommon to contribute to a Roth IRA only to realize that your income is higher than you initially expected. This can often happen when your employer provides a larger than expected bonus at year end. What are the tax consequences and how can you fix this problem? .
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TAX PREPARATION

How Should Rental Property Be Reported on My Tax Return?

By The BIDaWIZ Team on March 7th, 2012 at 8:00 pm

Most accountants will tell you that reporting rental property on a tax return can get complicated which is why their fee is usually higher to do so. Yet, this is not always true as the complexity often depends on how the rental property is used. Read More.

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