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TAX PLANNING

Do I Have To Repay The First Time Homebuyer Credit Immediately?

By The BIDaWIZ Team on June 3rd, 2015 at 7:01 am

The first-time homebuyer credit for homes purchased in 2008, with few exceptions, must be repaid over a 15 year period and takes the form of a $7,500 interest-free loan. What happens if the home is sold or no longer is your primary residence? In this instance, the repayment may be due in the year that chance occurs. Read More.

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TAX PLANNING

2014 Year End Tax Planning Strategies You Need To Know

By The BIDaWIZ Team on December 30th, 2014 at 3:45 pm

Unfortunately, many taxpayers often visit year-end tax planning strategies after the New Year or when April 15th approaches. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late. Read More.

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TAX PLANNING

Inherited IRA Withdrawal Options

By The BIDaWIZ Team on October 22nd, 2014 at 3:24 pm

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I recently have inherited an rollover IRA account from my deceased father. I'm required to select a distribution option, which I am having difficulty understanding. Can you briefly explain the following options: total distribution, systematic/RMD for inherited or roth inherited IRA? .
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INSURANCE, TAX PLANNING

What Is The Health-Care Insurance Penalty?

By The BIDaWIZ Team on October 3rd, 2014 at 8:04 pm

This will be the first year that the health-care changes passed in 2010 will have an impact on those that opt out of coverage. Specifically, under the Individual Shared Responsibility Provision, individuals that are subject to the penalty will have to remit payment with their 2014 tax returns on April 15th. The penalty will not apply to those that obtain health insurance coverage through their employer or a state sponsored exchange. Still, there are certain groups that will pay hundreds and in some cases thousands in penalties. .
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TAX PLANNING

Do Beneficiaries Have To Take RMDs?

By The BIDaWIZ Team on September 19th, 2014 at 5:31 pm

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Those fortunate enough to be named a beneficiary of a retirement account will want to know the nuances for reporting income on their tax return. This is specifically important when the account holder passes away before or after the time they are supposed to take required minimum distributions (RMDs). .
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TAX PLANNING

Should You Elect To Make Roth 401(K) Contributions?

By The BIDaWIZ Team on August 28th, 2014 at 6:02 pm
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Most employees are familiar with the concept of socking away a portion of their paychecks toward their 401(K). However, few realize that they also have the option to contribute to a Roth 401(K) plan. In fact, since this new plan became available in the market in 2006, only 11% of eligible employees elected this option. Are you also missing out on a great retirement planning opportunity? 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 PLANNING

Should You Invest In Obama’s myRA Retirement Accounts?

By The BIDaWIZ Team on January 31st, 2014 at 6:08 pm

President Obama recently announced plans to create a new retirement account backed by the United States government. The primary objective of the plan is to provide Americans with another option to save for retirement if their employer doesn’t provide a plan. While the plan offers certain benefits, it’s definitely not for everyone. Find out if this plan is right for you. Read More.

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INVESTING, TAX PLANNING

Common Mistakes When Choosing a 529 College Savings Plan

By The BIDaWIZ Team on January 24th, 2014 at 4:53 pm

A 529 college savings plan offers many parents and future college students with an attractive option for socking away funds for tuition expenses. While the plan offers many benefits, the account holders don’t always understand the mechanics of how the plans work and how they can be used effectively. Find out if you understand the complete capabilities and limitations of these plans. Read More.

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TAX PLANNING

Why You Should Contribute To Your IRA In January

By The BIDaWIZ Team on January 17th, 2014 at 7:17 pm

Most IRA account holders have contributed to their accounts for the 2013 tax year even though they technically have until the April 15th tax due date to do so. Having said that, there are number of reasons why you should have contributed in January of the preceding year. Read More.

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