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TAX SAVINGS

Should My Mother Transfer Title To Her Home Now?

By The BIDaWIZ Team on April 2nd, 2014 at 10:06 pm

The answer to this question depends on many different factors and taxes alone shouldn't be the only concern when transferring property to your children. Having said that, a gift now may impact your children's tax liability later on. .
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TAX SAVINGS

We Now Know How The IRS Will Treat Bitcoins

By The BIDaWIZ Team on March 28th, 2014 at 4:55 pm

The uncertain future of bitcoins as a viable form of "currency" remains. Having said that, the IRS has in many respects given this form of "currency" some legitimacy by ruling how it should be recognized for tax purposes. The mere fact that the IRS is acknowledging bitcoins bodes well for the many bitcoin digital currency enthusiasts out there. Still, how does the IRS ruling impact your taxes? .
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TAX SAVINGS

Do You Have Any Unclaimed Tax Refunds?

By The BIDaWIZ Team on March 21st, 2014 at 6:32 pm

If you haven’t filed your 2010 tax return and claimed your refund yet, you may be one of the 918,600 taxpayers that are owed $760 million in 2010 tax refunds. The IRS estimates more than half of the refunds are for at least $571. Read More.

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TAX SAVINGS

How Your Children Can Help You Save On Taxes

By The BIDaWIZ Team on March 21st, 2014 at 5:43 pm

Many parents incur significant expenses during the year to care for their children. The IRS recognizes this and provides tax benefits for families with children. In addition to claiming an exemption for each child that qualifies as a dependent, there are a couple of tax credits that can help families reduce their tax bill. Read More.

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TAX PREPARATION

Choosing the Right Tax Prep Service

By The BIDaWIZ Team on March 14th, 2014 at 7:04 pm

We recently sat down with Tara Lynn Wagner from NY1’s Money Matters to discuss what taxpayers can expect when choosing a preparer for the upcoming tax season. Read More.

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TAX PREPARATION

Should You Always File Jointly?

By The BIDaWIZ Team on March 14th, 2014 at 6:43 pm

In most cases, filing jointly yields more tax benefits than filing separately. Having said that, there are still instances in which you may not want to file jointly and rather elect to file separately. Are you filing to maximize your tax savings and to ensure that you are maintaining compliance with tax reporting requirements? Read More.

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TAX PLANNING

Should You Expect To Pay The Alternative Minimum Tax This Year?

By The BIDaWIZ Team on March 7th, 2014 at 12:05 pm

Even with the recent adjustments to the alternative minimum tax (AMT), many taxpayers can expect to fall into this trap. Specifically, many households earning over $200,000 will be subject to this tax with the highest percentage having taxable income between $200,000 and $500,000 as suggested by a recent study conducted by the Tax Policy Center. .
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TAX SAVINGS

Are You Taking Full Advantage Of Your Commuter Tax Benefits?

By The BIDaWIZ Team on March 6th, 2014 at 7:30 pm

If you travel to work and pay for parking or use public transportation, you should be mindful of the pre-tax benefit you can receive by setting aside part of your paycheck for those costs. Many employers offer a pre-tax commuter benefit program through companies such as WageWorks to help you save on taxes and commuting costs. Read More.

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TAX PREPARATION

Are You Prepared For A Higher Tax Bill?

By The BIDaWIZ Team on February 28th, 2014 at 7:22 pm

For some tax filers, their tax bill this year will be greater than in the past. Specifically, certain taxpayers in the 35% tax bracket last year may see that figure increase to 39.6%. In addition, if you have sold a business or had large capital gains this year, your tax bill will likely be higher for your 2013 tax return. How will you be impacted and what can you do to still save on taxes? Read More.

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