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TAX PLANNING

The IRS Is Also Concerned About The Alternative Minimum Tax Patch

By The BIDaWIZ Team on November 23rd, 2012 at 11:00 am

Now even the IRS is lobbying for Congress to reach a decision regarding the expiring Bush-era tax cuts as well as the alternative minimum tax (AMT) patch. The IRS concerns stem from the fact that their tax processing systems are based on current tax legislation and the expectation the AMT will be patched, which could change drastically on January 1, 2013. How will you be impacted? Read More.

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STATE INCOME TAX, TAX PLANNING

The 2013 Tax Increase Will Impact Families Living In These States

By The BIDaWIZ Team on November 16th, 2012 at 2:00 pm

Congress and the President still have time to act to prevent tax increases across the board in 2013. Still, the consensus suggests that at least some tax breaks will be reduced or eliminated in 2013 and many will likely pay higher taxes. The tax foundation recently performed an analysis by state to identify how families earning median incomes will fare with a seemingly new tax landscape in 2013. Are you living in state that’s likely to experience a steep tax increase? Read More.

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TAX PLANNING

Your Social Security Benefits May Be Taxed

By The BIDaWIZ Team on November 16th, 2012 at 10:00 am

For years, taxpayers are subject to social security taxes on the income they earn. It may seem ironic that when they decide to start taking social security benefits, that income is likely taxable should they still receive income from other sources. The government argues that there isn't a tax on those taxes, which is why benefits may be taxable later on in life. Will your social security benefits be taxable when you retire? .
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TAX PLANNING

Major Changes Could Be Coming To The Mortgage Interest Deduction

By The BIDaWIZ Team on November 15th, 2012 at 7:00 pm

Perhaps the most popular tax deduction of them all will be changing come 2013. We all know that President Obama has plans to raise taxes for the wealthy, but the agenda also calls for potentially limiting the mortgage interest deduction. This may have a far reaching impact for both the wealthy and the middle class. .
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INSURANCE, TAX PLANNING

Are Insurance Proceeds From Hurricane Sandy Taxable?

By The BIDaWIZ Team on November 1st, 2012 at 10:00 am
insurance-proceeds-hurricane-sandy

Hurricane Sandy was a major blow for several homeowners and businesses. The losses are unprecendented for the region and will trigger an excessive number of insurance claims. It’s important to understand the tax ramifications, if any, for receiving an insurance settlement on a claim. Read More.

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TAX PLANNING, TAX SAVINGS

Capital Gains and Dividend Tax Planning For Investors and Corporations

By The BIDaWIZ Team on October 26th, 2012 at 3:00 pm

If the Presidential election and Congress don’t interfere, tax rates are scheduled to increase significantly in 2013 for investors and corporations. Proper planning now can yield significant tax savings. Read More.

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TAX PLANNING, TAX SAVINGS

Do I Owe Taxes If I Withdraw From My IRA To Pay For a Home?

By The BIDaWIZ Team on October 25th, 2012 at 11:30 pm

The purpose of an individual retirement account is to provide individuals with a tax favorable vehicle for retirement planning. As such, the IRS levies a hefty 10% early withdrawal penalty should an IRA holder withdraw from their account prior to reaching the age of 59 1/2. There are exceptions to this rule which include withdrawing funds to purchase a first home. .
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TAX PLANNING

Are You Opening A 529 Plan Through Your Financial Advisor?

By The BIDaWIZ Team on October 25th, 2012 at 5:00 pm

The advent of sophisticated technology in the financial services space has brought great change to the way transactions are executed. The days of over-sized commissions on trades are long gone. Today, anyone can execute a trade for under $10. This same wave of innovation and cost reduction is trickling down to retirement planning and college saving products. One such financial product that is now fairly easy to setup is a 529 plan. .
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INVESTING, TAX PLANNING

Should I Still Contribute To My 401K When I’m Older?

By The BIDaWIZ Team on October 19th, 2012 at 6:30 pm

Many of the 75 million individuals in the baby boomer population are already in their 60s or will be so within the next 12 years. One of the questions that they need to be asking themselves is, "What should I do with my 401(K) when I reach retirement age?" Of course, the answer to this question is somewhat dependent on their future employment status. .
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TAX PLANNING

How Much Can I Contribute to My 401K and IRA in 2013?

By The BIDaWIZ Team on October 19th, 2012 at 4:00 pm

Well, at least the IRS recognizes that inflation is beginning to show its ugly face or will so in the near future. The IRS recently announced inflation adjustments to retirement plans, gift taxes, the foreign income earned exclusion, among other items. .
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