TAX PLANNING

Is There A Way To Avoid IRA Required Minimum Distributions?

By The BIDaWIZ Team on October 18th, 2012 at 7:00 pm

If you are turning 70 1/2 very soon, you will need to start thinking about withdrawing from your IRA. Unlike a 401(K), a traditional IRA is subject to required minimum distributions (RMDs) whether or not you're still employed. Still, is there a way to avoid IRA RMDs? .

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TAX PLANNING

Is There A Deduction For Burning Down A House?

By The BIDaWIZ Team on October 4th, 2012 at 3:00 pm

With the housing market showing some signs of life, the times of purchasing properties to knock down a home and build a new one, may be returning. Getting rid of the home can actually be a costly process as it requires a demolition team and removal. To reduce the cost and apply for a tax break at the same time, some have let their local fire department handle the demolition and treated it as a charitable gift at the same time. Read More.

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TAX PLANNING

Are You Putting Any Nontraded Assets into Your IRA or Roth?

By The BIDaWIZ Team on October 3rd, 2012 at 6:00 pm

Most individuals can contribute to their individual retirement accounts (IRA or Roth) with wages of up to $5,000, or $6,000 for those that are 50 or older. Some individuals may instead contribute to an SEP-IRA, if offered by their employer, which has a $50,000 annual contribution limit. In all cases, the assets that are held in these IRAs may be under scrutiny by the IRS in the upcoming years. .

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TAX PLANNING

The Alternative Minimum Tax May Affect More People

By The BIDaWIZ Team on September 28th, 2012 at 3:00 pm

The alternative minimum tax (AMT) could start impacting an even larger group of taxpayers for the 2012 tax year. This archaic tax was originally created as a way to ensure that wealthy taxpayers couldn't take advantage of tax loopholes and instead pay a minimum amount of federal income tax. While there is basis for the intent of this tax law, it is one of the most poorly designed laws since it has not been adjusted for inflation. Find out if you might get hit up for the AMT for the 2012 tax year. .

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TAX PLANNING

Are You a Passive Real Estate Investor Prepared for 2013 Taxes?

By The BIDaWIZ Team on September 11th, 2012 at 8:00 pm

Real estate is one asset class that will be impacted by rising tax rates in 2013. Those that passively invest in properties, need to understand how they could be paying higher taxes very soon. .

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TAX PLANNING

Tax Planning Strategies to Mitigate Your Risk for Higher Taxes in 2013

By The BIDaWIZ Team on September 7th, 2012 at 4:00 pm

The jury is still out on whether or not the bush-era tax cuts will be extended into 2013. However, there are certain new taxes that will definitely impact high income earners next year: the 3.8% net investment income tax and the additional 0.9% medicare tax. What strategies can you follow to escape these new taxes? Read More.

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TAX PLANNING

What Qualifies as a 529 Expense?

By The BIDaWIZ Team on September 5th, 2012 at 7:00 pm

Parents that are planning to send their children to college with the funds in their 529 plan account, may want to spend extra time understanding the rules for qualified expenses. There are certain college costs that are clearly qualified, while others are somewhat up to interpretation. Read More.

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TAX PLANNING

Which Retirement Account Should I Withdraw From First?

By The BIDaWIZ Team on August 31st, 2012 at 12:45 pm

Normal retirement age for most people is 65, give or take a year or two. As you start to approach that age or are already there, it's important to develop a strategy for which retirement accounts you will be withdrawing funds from first. .

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TAX PLANNING, TAX SAVINGS

Selling or Renting A Home Purchased With the Homebuyer Tax Credit

By The BIDaWIZ Team on August 23rd, 2012 at 1:00 pm

The first-time homebuyer tax credit craze began in 2008 for most purchasers. Four years later, there may still be tax implications for those that claimed the credit. Did you sell or are now renting a home you purchased with the first-time homebuyer tax credit? Read More.

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TAX PLANNING

Retirement Planning For the Self-Employed

By The BIDaWIZ Team on August 17th, 2012 at 2:00 am

We are finding that the older generation or those between the ages of 55 to 64 years old, are increasingly working for themselves. The retirement planning decisions that these individuals make are critical for their financial future. There are two main options that allow self-employed individuals to deduct a portion of their income and grow it tax-free. They are the individual 401(k) and the SEP-IRA. .

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