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TAX ISSUES

What Are My Chances Of Being Audited In The Future?

By The BIDaWIZ Team on March 29th, 2013 at 10:00 am

The fear of being audited by the IRS remains one of the biggest concerns of taxpayers. The other major concern of course is paying too much in taxes because of missing certain tax breaks. With regards to getting audited, recently released figures indicate which taxpayers are most likely to face an examination. Are you at risk? Read More.

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TAX SAVINGS

Time Is Running Out To Claim $917 Million in 2009 Tax Refunds

By The BIDaWIZ Team on March 14th, 2013 at 7:00 pm

Have you filed your 2009 tax return and claimed your refund yet? If not, you may be one of the 984,400 taxpayers that are owed $917 million in 2009 tax refunds. The IRS estimates more than half of the refunds are for at least $500. Read More.

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TAX ISSUES

What You Should Know If You Plan To Fight An IRS Bill

By The BIDaWIZ Team on March 6th, 2013 at 5:00 pm

Most taxpayers understand that they are taxed on their worldwide income. However, most are too hesitant to fight a tax bill from the IRS that they may receive without merit. The most important aspect to note for fighting an IRS bill is to understand and follow appropriate procedures. .
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TAX PLANNING

Ways To Mitigate 2013 Taxes on Estates And Trusts

By The BIDaWIZ Team on March 5th, 2013 at 8:40 am

The American Taxpayer Relief Act of 2012 had some far-reaching consequences to the taxation of estates and trusts. Most wealthy Americans have been focused on the rising personal tax rates at the $400,000 level for single filers ($450,000 for married filing jointly). However, the income threshold is a lot lower for estates and trusts. How much lower? Let's just say the top tax rate starts to kick in at only $11,950 for trusts and estates. What can advisers and beneficiaries do to mitigate these higher taxes? .
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INVESTING, TAX PREPARATION

What Are The New Cost Basis Reporting Rules For The 2012 Tax Year?

By The BIDaWIZ Team on March 1st, 2013 at 12:00 pm

Last year, the new cost basis reporting rules went into effect. This greatly impacted brokerage houses as well as taxpayers because of the time required to meet this new requirement. More paperwork is on the way. Specifically, in addition to stocks, you and your broker are now both responsible for reporting the cost basis of mutual funds shares, dividend reinvestment plans (DRIPs) and most exchange traded funds (ETFs) for the sale of such securities during the 2012 tax year. Read More.

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TAX SAVINGS

Are IRA Investment Fees Tax Deductible?

By The BIDaWIZ Team on February 15th, 2013 at 3:00 pm

According to the latest census data, about 40% of all US households own an individual retirement account. The majority of households or 32% own a traditional IRA account and about 15% own a Roth. Of course, some households own both. Given the large percentage of households with an IRA, we've decided to address a common question. .
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TAX SAVINGS

Lesser Known 2012 Tax Breaks For You

By The BIDaWIZ Team on February 14th, 2013 at 6:00 pm

There are many tax deductions that we all know about such as deducting mortgage interest, traditional IRA contributions and state income tax. What about the other lesser known tax breaks? Read More.

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TAX PREPARATION

Avoid These Common Tax Return Mistakes

By The BIDaWIZ Team on February 8th, 2013 at 5:00 pm

We are in full swing with tax season now that the January 30th delayed start date has passed. With that mind, many tax filers need to watch out for the most common mistakes made when completing a return. Read More.

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TAX PREPARATION

What If I Haven’t Received My W-2 Form Yet Or It’s Incorrect?

By The BIDaWIZ Team on February 1st, 2013 at 5:45 pm

Now that we're in February, the deadline for employers to send W-2 and 1099 forms to their workers has passed. Of course, they can and should still send them as it is a requirement for tax reporting. What should you do if you haven't received your W-2 form or it's incorrect? .
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