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TAX PREPARATION

Will I Be Taxed If My Credit Card Debt Is Discharged?

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

Credit card debtors may be sent a 1099-C form for the 2011 tax year. In fact, the IRS projects that 6.4 million of these forms will be sent to debtors, up from 3.9 million in 2010 and likely due to the increase in defaults. Find out if receiving this form means you owe more taxes. Read More.

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TAX PLANNING, TAX PREPARATION

When is the Actual Deadline to Contribute to My 401(K)?

By The BIDaWIZ Team on March 2nd, 2012 at 12:00 pm

There is quite a bit of confusion going around the web about the deadline to contribute to a 401(k) plan. Much of the debate can be resolved by noting the difference between a Traditional and a Solo 401(K). .
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TAX SAVINGS

Lesser Known 2011 Tax Deductions to Claim on Your Personal Return

By The BIDaWIZ Team on March 1st, 2012 at 7:00 pm

As you or your tax preparer begin to gather the supporting documentation to claim deductions, now is the time to learn about the lesser known ones. We've compiled a list for you so you don't miss out. .
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TAX SAVINGS

There Are Still $1 Billion in Unclaimed 2008 Tax Refunds

By The BIDaWIZ Team on February 24th, 2012 at 11:00 am

Have you filed your 2008 tax return and claimed your refund yet? If not, you may be one of the more than 1 million people that are owed $1 billion in tax refunds from 2008. Read More.

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MORTGAGES, TAX SAVINGS

Overlooked Tax Benefits For Refinancing Your Mortgage

By The BIDaWIZ Team on February 23rd, 2012 at 3:00 pm

Rates for a 30-year mortgage remain near record lows at ~4%. As a result, many homeowners that have refinanced their homes have benefited from lower monthly interest payments. However, many still seem to overlook key tax deductions associated with it. .
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TAX PLANNING

What is a Spousal IRA and Should I Open One For My Spouse?

By The BIDaWIZ Team on February 23rd, 2012 at 11:00 am

When we think about an IRA, our initial reaction is that we need to have earned income to contribute to the account. However, spouses that stay at home, were laid off, or are just taking time off from work, can also benefit from a spousal IRA. .
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TAX ISSUES

What Exactly Happens When The IRS Audits My Tax Return?

By The BIDaWIZ Team on February 22nd, 2012 at 5:00 pm

We all know that the chances of facing an IRS audit are low or about 1 percent for joint filers earning less than $200,000 a year. Still, we all have jitters when the topic comes up. .
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MORTGAGES, TAX PLANNING

How Will A Short Sale Impact My Credit Score And Tax Liability?

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

The December 2011 home sale numbers indicated that 13% of the 4.61 million homes sold were part of a short sale (19% were in foreclosure). These sales have potentially significant consequences to the homeowner's credit score and they often have questions about the tax impact too. .
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TAX ISSUES, TAX PREPARATION

What Happens If I Don’t File a Tax Return?

By The BIDaWIZ Team on February 16th, 2012 at 5:00 pm

There are serious financial and potentially legal consequences when an individual doesn't file a tax return. The obvious ones are penalties and interest due for back taxes. But, what exactly happens when you don't file a return? .
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TAX PREPARATION, TAX SAVINGS

Should A Married Couple Ever File Taxes Separately?

By Susan Ladika on February 16th, 2012 at 1:00 pm

In many cases, most married couples file a joint tax return because it's the norm. But, that may not be the best option for all couples. .
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