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TAX PLANNING

Maximize That Year End Bonus

By The BIDaWIZ Team on September 15th, 2010 at 2:27 pm
2011 tax planning

It is almost a certainty that tax rates across the board will begin increasing come January 1, 2011. Ordinary income tax rates will increase 3-5% for those in the 31% to 39% tax bracket, the dividend tax could jump from 15% to 39.6%, & long-term capital gains tax could go from 15% to 20% or even higher. As we head closer to January 1st, it is becoming more and more important to start accelerating income and deferring deductions. Read More.

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TAX PLANNING

Can I Transfer Assets From One Company to Another I Own?

By The BIDaWIZ Team on September 14th, 2010 at 2:12 pm

transfer company assets
Many business owners setup more than one company. Occasionally, they try to transfer assets from one company to another. Find out if this is possible. .
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TAX SAVINGS

Save Back to School College Receipts!

By The BIDaWIZ Team on September 11th, 2010 at 11:32 am
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The back to school purchase season has come and gone and now the focus should be on saving those receipts for tax credits. Don’t be the college student or parent of a college student that misplaces a receipt only to find out that you can’t take advantage of the tax credits that are available to you. Read More.

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TAX ISSUES

Choosing The Right Accountant For An IRS Issue

By The BIDaWIZ Team on August 26th, 2010 at 8:22 pm

irs tax issues
Long after April 15th, some taxpayers realize that they (or their tax preparer) made a big mistake by not reporting certain income on their filed tax return. They then decide, based on the direction of their legal advisors, to participate in what is called the IRS Voluntary Disclosure Program. The program may seem risky but it is generally the smart move in that the taxpayer will become tax compliant & have a greater chance of avoiding substantial civil penalties and eliminate the risk of criminal prosecution. Usually the next step for the taxpayer is to present an amended tax return. The question then arises, "Which tax preparer should I use to prepare the amended tax returns?" The original tax preparer, a new one, or a top tier CPA firm. .
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TAX ISSUES

What Are Tax Settlement Companies Really Selling?

By The BIDaWIZ Team on August 25th, 2010 at 4:21 pm

debt settlement company warning
There seems to be no shortage of offers from tax settlement companies claiming to reduce your tax debts to "pennies on the dollar." Usually, these companies boast infomercial advertisements late at night offering quick tax relief for consumers facing significant back-tax liabilities. Do some of these companies help people? Sure. But, by and large, if it sounds too good to be true, it is. .
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TAX ISSUES

IRS Letter – There Is an Error on My Tax Return!

By The BIDaWIZ Team on August 23rd, 2010 at 9:00 pm

tax return error
Getting a letter in the mail from the IRS is usually very concerning to the taxpayer. Their immediate reaction can often go something like this, "Oh my gosh, what do I do, am I getting audited?" Unfortunately, the media & sometimes family & friends portray the IRS in such a negative light that we sometimes overreact. But, there is really no need to worry until you open up the letter and see what it says as there could simply be a minor error on your tax return. If that is the case, what should you do? .
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TAX SAVINGS

Is a Flood Insurance Settlement Taxable?

By The BIDaWIZ Team on August 16th, 2010 at 5:20 pm

flood home insurance taxable
If you have experienced severe damage to your home as a result of flooding, fire or wind, then you've probably gone through the process of filing an insurance claim. Unfortunately, the whole process takes months & sometimes you don't even get fully covered. Anyway, if your claim is approved then the first question that usually comes up is, "Are the proceeds from the claim taxable & then what happens if I don't use up all of the proceeds?" .
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TAX PLANNING

Where Are Dividend Tax Rates Going in 2011?

By The BIDaWIZ Team on August 12th, 2010 at 2:19 pm
tax rates going up in 2011

Dividend tax rates will be going up but the big question is by how much? Then, there is the logical follow-up question, what should you do to prepare for the inevitable tax rate hike? Read More.

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TAX SAVINGS

The Homebuyer Tax Credit Extension is For Paperwork

By The BIDaWIZ Team on July 1st, 2010 at 5:38 pm

The headlines regarding the homebuyer tax credit haven’t stopped. Rather then add more ink to the news that the tax credit has been extended to September 30, 2010, we’re going to shed some light on exactly what that means & why it was really extended. Read More.

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TAX PLANNING

How Newlyweds Should Decide on an Accountant

By The BIDaWIZ Team on June 30th, 2010 at 8:00 am
When we hear the term "newlywed," what usually comes to mind is a couple in their late 20s or 30s. However, there are also a large number of newlyweds in their 40s, 50s, & 60s that are also out there & in need of tax advice. As a result, many newlyweds in this older population visit BIDaWIZ with questions such as, "what is the best way to choose an accountant with your new spouse?" .
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