TAX ADVICE | BIDaWIZ Blog

How are Exchange Traded Funds (ETFs) Taxed?

By The BIDaWIZ Team on December 13th, 2011 at 3:00 pm

You may be surprised to learn that not every ETF is taxed the same as the structure and components of the fund dictate the taxation. .

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TAX SAVINGS

Year End Charitable Donation Tax Tips for 2011

By The BIDaWIZ Team on December 9th, 2011 at 2:00 pm

As we head into the final weeks of December, now is the time to start exploring the most tax savvy ways to donate cash, stock or property. For instance, liquidating investments and donating the proceeds to the charity of your choice is not the best way to handle that situation. Read More.

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EMPLOYMENT TAX, TAX PLANNING

What Do Small Businesses Need to Know About Unemployment Taxes?

By Susan Ladika on December 8th, 2011 at 11:30 am

Sky-high unemployment rates and months of unemployment benefits for many workers have pushed some states into the red with the federal government. A study by the Tax Foundation issued in October found that 34 states had borrowed from the federal government to pay unemployment benefits when the states’ funds dried up. A few states have paid off their debts, but with many states still struggling financially, they owe a combined $37 billion, and began paying interest this fall on the cash they borrowed. Read More.

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EMPLOYMENT TAX

Incorrectly Classified as a 1099 Contractor Instead of a W2 Employee?

By The BIDaWIZ Team on December 7th, 2011 at 11:00 am

Many "employees" are surprised when they receive a 1099 form from their employer instead of a W-2 after the end of the year. Typically these workers begin scrambling to explore ways to rectify the issue and may even consider taking legal action. While this issue could have been completely avoided by having a clear understanding with the employer during the hiring period, let's look at what we should do if we've been incorrectly classified as a 1099 contractor. .

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TAX ADVICE, TAX PLANNING, TAX SAVINGS

Should we Recharacterize our Roth IRAs?

By Susan Ladika on October 17th, 2011 at 12:00 pm

In 2010, we told you that if you have a traditional IRA (no matter your income level), you can convert those funds into a Roth IRA. Many IRA holders went on to convert to a Roth because the principal and appreciation of a Roth IRA grows tax free. But, now with the recent fall in the market, it may make sense to recharacterize or undo your Roth IRA conversion to avoid paying taxes and then to convert it back later. Read More.

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TAX SAVINGS

What are the tax breaks for moving?

By The BIDaWIZ Team on September 14th, 2011 at 4:00 pm

Everyone that already moved or plans to move this year because of a new job or relocation needs know what tax breaks they can claim. The tax savings can easily exceed a few thousand dollars with most family moves costing $5,000 to $10,000. .

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INSURANCE, TAX PREPARATION

The Tax Impact for a Natural Disaster

By The BIDaWIZ Team on August 31st, 2011 at 4:30 pm

The eastern seaboard was dealt a heavy blow this past week when Hurricane Irene caused unprecedented flooding, fallen trees, and significant power outages. While some of us were left unscathed, many others experienced significant damage to their property. On top of that, they now have to start the process of filing insurance claims and figuring out the complex tax rules for reporting property losses on their tax return. Even if you weren't impacted, it's important to understand the tax rules as the number of declared natural disaster areas are on the rise. .

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STATE INCOME TAX, TAX SAVINGS

You’re Probably Paying Too Much in Property Taxes

By The BIDaWIZ Team on August 29th, 2011 at 3:00 pm

The housing market still hasn't recovered with many markets down over 30% compared to 2005. Despite this significant decline, property taxes have not been falling much at all and could even be rising for your home. There are steps that you can take to address this discrepancy and potentially save hundreds if not thousands of dollars on your property taxes. .

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TAX PLANNING, TAX SAVINGS

Undoing that Roth IRA Conversion Could Save You Thousands

By The BIDaWIZ Team on August 10th, 2011 at 4:00 pm

The hot topic coming from investors of late has been focused on market volatility. While thinking about market exposure is important, let's shift gears a bit to how a down market may provide you with the opportunity to save thousand of dollars in taxes you paid or may pay the IRS for a Roth IRA conversion. .

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SALES TAX, TAX BREAKS

Are Sales Tax Holidays Good For Business?

By The BIDaWIZ Team on July 29th, 2011 at 1:00 pm

We're heading into the back to school season which means sales tax holidays are just around the corner if they haven't already started. Many states offer a sales tax holiday for back to school items during the first week of August. On the surface, these tax holidays (4 to 9% discount) sound great for both consumers and businesses. But, after careful analysis, the benefits may be somewhat temporary and not very good for the economy. .

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