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TAX ISSUES

What Do We Do If We Haven’t Been Depreciating Rental Property?

By The BIDaWIZ Team on December 14th, 2012 at 7:00 am

Rental property must be depreciated as per the IRS rules. Unfortunately, many individuals with a vacation or second home don't report their rental property correctly for tax purposes. What once started as a vacation home that you'd rent to folks sparingly can quickly turn into a full blow rental. .
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TAX ISSUES, TAX PREPARATION

Does Filing an Extension Increase My Chances of Being Audited?

By The BIDaWIZ Team on April 17th, 2012 at 2:00 pm

Taxpayers that are considering filing an extension or already did, may want to know what the consequence is for filing an extension, if any. Read More.

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TAX ISSUES, TAX SAVINGS

What Steps Should I Take to Fix an Incorrect Tax Refund?

By The BIDaWIZ Team on April 13th, 2012 at 3:00 pm

Let's suppose that we receive our tax refund check from the federal government or the state, but the amount is incorrect. Don't panic. There are steps you can take to resolve the matter quickly. .
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TAX ISSUES, TAX PREPARATION

What If You Can’t Afford To Pay Your Taxes?

By The BIDaWIZ Team on April 6th, 2012 at 10:00 am

Individuals may have more difficulty paying their taxes on April 17th as compared to previous years. This year, the first tax payment is due for converting your traditional IRA into a Roth. You may have also cashed out your 401K or other retirement account early because you were strapped for cash. Don’t panic, there are steps you can take to reduce penalties and maintain good standing with the tax authorities. Read More.

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TAX ISSUES

How Should I File My Taxes If My Spouse Has Tax Liens?

By The BIDaWIZ Team on March 29th, 2012 at 10:00 pm

We receive this question almost on a daily basis and the answer is that it depends on the specific circumstances. There are two potential options to consider: 1) Married Filing Jointly & Claiming Injured Spouse Relief via Form 8379 or reporting as 2) Married Filing Separately. .
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TAX ISSUES

Should I Worry About Tax Refund Fraud?

By The BIDaWIZ Team on March 22nd, 2012 at 4:30 pm

Tax refund fraud is up almost 700% in the past 3 years. Last year alone, there were over 2 million bogus returns filed as identity theft schemes become more sophisticated. What can I do to prevent it from happening to me? .
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TAX ISSUES, TAX PREPARATION

What Happens If I Forget to Claim a Net Operating Loss On My Return?

By The BIDaWIZ Team on March 20th, 2012 at 6:00 pm

Taxpayers that are owners or investors in pass through entities (i.e. LLCs, partnerships, sole proprietorships, s corporations) may be able to claim a net operating loss (i.e. NOL) on their own tax returns. However, not all investors properly claim it and are left scratching their heads about how to fix their mistake. .
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TAX ISSUES

What Happens If I Contribute Too Much To My Roth IRA?

By The BIDaWIZ Team on March 12th, 2012 at 8:00 pm

It is not uncommon to contribute to a Roth IRA only to realize that your income is higher than you initially expected. This can often happen when your employer provides a larger than expected bonus at year end. What are the tax consequences and how can you fix this problem? .
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TAX ISSUES

What Exactly Happens When The IRS Audits My Tax Return?

By The BIDaWIZ Team on February 22nd, 2012 at 5:00 pm

We all know that the chances of facing an IRS audit are low or about 1 percent for joint filers earning less than $200,000 a year. Still, we all have jitters when the topic comes up. .
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TAX ISSUES, TAX PREPARATION

What Happens If I Don’t File a Tax Return?

By The BIDaWIZ Team on February 16th, 2012 at 5:00 pm

There are serious financial and potentially legal consequences when an individual doesn't file a tax return. The obvious ones are penalties and interest due for back taxes. But, what exactly happens when you don't file a return? .
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