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TAX PREPARATION

What Do You Owe In Taxes For Selling Bitcoins?

By The BIDaWIZ Team on January 2nd, 2014 at 6:41 pm

The digital currency market for bitcoins has grown dramatically over the past year. There's now an estimated $8 billion worth of bitcoins in circulation and the price ended the year at nearly $760 per coin (source: CoinDesk). There were large fluctuations throughout the year as the price was as low as $13.50 and as high as $1,200 per bitcoin. As a result, there are many bitcoin sellers that likely have realized gains for the 2013 tax year. If this is your case or you plan to begin using bitcoins in 2014, it is important to understand the tax ramifications. .
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TAX SAVINGS

Should I Contribute To a Traditional or Roth 401(K)?

By The BIDaWIZ Team on December 20th, 2013 at 6:17 pm

Companies have begun to offer their employees a new type of 401(k) option which has similar characteristics to a Roth IRA. It's called a Roth 401(K) and it should have your attention if it is offered by your employer. .
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TAX PREPARATION

How Much Can You Expect To Pay Your Accountant This Year?

By The BIDaWIZ Team on December 20th, 2013 at 1:37 pm

As the year comes to an end, tax season is getting ready to begin. If you decide to use a tax professional, how much should you expect to pay in fees? A recent survey conducted by the NSA provides some guidance as to what you can expect. Read More.

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TAX ISSUES

What Increases Your Chances Of Getting Audited?

By The BIDaWIZ Team on December 13th, 2013 at 7:39 pm

The two major concerns for taxpayers continues to be saving as much money as possible on taxes as well as making sure they aren’t audited by the IRS. Read More.

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TAX PLANNING, TAX SAVINGS

Why Your Severance Pay May Not Be Fully Taxable

By The BIDaWIZ Team on November 22nd, 2013 at 5:02 pm

There has been an ongoing issue in the Federal tax court system as to whether or not severances should be subject to payroll taxes. Ordinary income and state taxes will continue to apply to severance, but payroll taxes may not in the future. Find out why and how it impacts both employers and employees. .
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TAX SAVINGS

The Energy-Efficient Tax Credits That Are Set To Expire

By The BIDaWIZ Team on November 22nd, 2013 at 4:20 pm

The energy-efficient tax credits that were extended through December 31st, 2013 are set to expire again. Those that made energy-efficient improvements to their principal residence may want to go through their receipts to claim the $500 tax credit. Read More.

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TAX PLANNING

2013 Year End Tax Planning Strategies You Need To Know

By The BIDaWIZ Team on November 14th, 2013 at 6:55 pm

Thankfully, this tax season should be a little easier for individuals than last year as there are fewer uncertainties about changing tax laws. For most taxpayers, they should not expect to pay more in taxes this year with all else being equal (i.e. marital status, income, state of residence etc.). Still, almost all taxpayers can explore the below strategies to lower their taxes in 2013. Read More.

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TAX PLANNING

The Key Tax Breaks That Are Set To Expire At The End Of 2013

By The BIDaWIZ Team on November 8th, 2013 at 6:20 pm

As is the case in most recent years, there are a slew of tax breaks that are set to expire at the end of the year. The big difference with this year in comparison to previous ones is that the Alternative Minimum Tax patch is no longer an issue. It was permanently addressed and “fixed” this year. What tax breaks should businesses and individuals be prepared to lose after the end of the year? Read More.

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TAX ISSUES

The IRS Is Enforcing IRA Minimum Required Distribution Rules

By The BIDaWIZ Team on November 1st, 2013 at 6:56 pm

Historically, hundreds of thousands of IRA holders that are 70 1/2 or older have failed to comply with the IRS rules. The major causes for the issues seems to be the account holder's failure to understand the rules and what they are holding in their accounts. .
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