TAX ADVICE | BIDaWIZ Blog

Did Your Tax Preparer Forget To Sign Their Name or Include a PTIN?

By The BIDaWIZ Team on July 13th, 2011 at 3:40 pm

Just when you thought your tax return was correctly signed, sealed and delivered, the IRS just informed the public that 100,000 tax preparers did not include a correct Preparer Tax Identification Number (PTIN). As part of the IRS’s initiative to increase its oversight over the tax preparation industry, tax preparers are now required to obtain a PTIN and include it with their signatures on the tax returns that they prepare. You might be asking yourself, “How do I know if my tax preparer included what they were suppose to when the tax return was prepared.” Read More.

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TAX SAVINGS

Commuters Can Now Deduct 55.5 Cents Per Mile

By The BIDaWIZ Team on June 24th, 2011 at 4:24 pm

standard-mileage-four-and-a-half-cent-increase

The IRS announced a four and half cent increase to the amount that commuters can deduct on their tax returns. This comes as a big surprise since it was recently reported that IRS officials would be hesitant to make the change during the middle of the year. However, it is likely no coincidence that this announcement comes on the same day that the Obama Administration decided to release thirty million gallons of oil reserves to try to push gas prices down during the summer. Read More.

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TAX SAVINGS

Can You Really Deduct Your MBA Tuition?

By The BIDaWIZ Team on June 10th, 2011 at 10:56 am

Over the past year, there has been a great debate as to whether or not graduate students can treat tuition as a work related itemized deduction. The debate began when certain courts ruled in favor of students claiming the deduction while obtaining their graduate degrees and working for a related employer at the same time. The tax savings could be in the tens of thousands if the student satisfies certain IRS criteria. .

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BUDGETING, TAX PLANNING

Prepare for the Staggering Cost of College Tuition in 15 Years

By Susan Ladika on June 2nd, 2011 at 12:56 pm

It’s a smart move to start planning in advance. During the 2010-11 academic year alone, in-state tuition and fees climbed by almost 8 percent over the previous year at public four-year colleges and universities, reaching $7,605. At private schools, they were a whopping $27,293, according to the College Board. That compares to tuition and fees of $5,492 at public institutions and $20,980 at private schools in 2005-06. Read More.

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EMPLOYMENT TAX, TAX PLANNING

US Citizens Earning Income While Living and Working Aboard

By The BIDaWIZ Team on May 27th, 2011 at 9:53 am

US citizens working abroad and earning income from a foreign country are technically still subject to US income taxes. However, citizens that are considered, "qualified individuals" may exclude up to $92,900 ($195,800 if married and filing jointly) of their foreign earned income in 2011. In addition, they may be able to deduct their housing expenses. .

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TAX SAVINGS

Commuters Shouldn’t Expect a Standard Mileage Rate Increase

By The BIDaWIZ Team on May 18th, 2011 at 8:42 pm

Gas prices remain high and continue to pinch the pockets of many commuters. Yet, the IRS has not budged when it comes to increasing the standard mileage rate that many commuters rely on when it is time to claim deductions on their tax return. Currently, you can deduct 51 cents per mile for business travel, 19 cents per mile for moving or medical travel and 14 cents per mile for charitable deductions. Read More.

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BUDGETING, TAX SAVINGS

Is There A Way to Save Money when Buying An Electric Car?

By Susan Ladika on May 6th, 2011 at 12:22 pm

You’re in luck. The federal government is offering a tax credit of up to $7,500 for anyone who purchases a qualified plug-in electric vehicle after Dec 31, 2009. The credit will begin to phase out after a certain manufacturer sells at least 200,000 of its vehicles in the United States. Both the Chevy Volt & Nissan Leaf qualify for the tax credit, which can help offset the sticker price. Read More.

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TAX PLANNING

How Come We Always Owe Federal and State Taxes at Yr End?

By The BIDaWIZ Team on April 15th, 2011 at 3:34 pm

The fact that the issue of having to pay taxes at the end of the year is occurring every year, tells us that the cause is not due to a one time tax credit or deduction. It is likely due to a recurring event, such as holding investments that pay dividends each year and not paying estimated taxes each quarter to the government and state for that income. Read More.

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TAX PLANNING

I’ve Filed My Tax Return, Is There Anything Else I Need To Do?

By The BIDaWIZ Team on April 14th, 2011 at 9:47 pm

As tempting as it may be, you shouldn't only think about your taxes for a few days or weeks each year. All through the year you should be keeping your tax records handy and maintaining a dialogue with your tax preparer, particularly during times of change. .

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TAX SAVINGS

When Should I Expect to Receive my Tax Refund from the IRS?

By The BIDaWIZ Team on April 8th, 2011 at 12:17 pm

It’s getting down to the wire for those who haven’t filed their tax returns yet, so it’s not surprising that you’re wondering where your refund is. Nowadays it’s easy to keep track of your tax refund status simply by checking the IRS website. Read More.

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