Trusted Answers From Licensed Business Professionals
Can I Setup a Low Minimum Roth IRA For My Child?
By The BIDaWIZ Team on August 16th, 2012 at 10:00 am
Transferring Property Into a Trust to Preserve The Gift Tax Exemption
By The BIDaWIZ Team on August 15th, 2012 at 10:00 am
The generous $5.12 million gift tax exemption for single filers and $10.24 million for joint filers, is scheduled to revert to $1 million and $2 million, respectively in 2013. It’s true that Congress may decide to temporarily extend the current gift tax exemption through 2013, since we’re in an election year, but we expect it to eventually be reduced within the next couple of years. This pending tax change coupled with a depressed real estate market, offers homeowners a compelling opportunity to transfer property to a trust for significant tax benefits. Read More.
Can I Still Claim the Capital Gains Exclusion If I Sell Within 2 Years?
By The BIDaWIZ Team on August 9th, 2012 at 8:30 am
Homeowners that have lived in their primary residence two of the past five years are eligible for a $250,000 capital gains exclusion when they sell it; $500,000 if married and filing jointly. Those that sell their home without meeting the IRS use and ownership tests, may still be able to claim a reduced capital gains exclusion. Are you eligible for the reduce capital gains exclusion? Read More.
Preserving Your Spouse’s Estate Tax Exemption
By The BIDaWIZ Team on August 8th, 2012 at 9:00 pm
A long standing issue that required extensive predeath planning, has been resolved with the IRS’s recent guidance on an estate tax law passed by Congress. Understanding this new policy can save wealthy families millions in taxes for their heirs. Read More.
Should I Gift Rental Property To My Child Or Wait?
By The BIDaWIZ Team on August 2nd, 2012 at 4:00 pm
Individuals looking to pass along their wealth to their children need to be mindful of future tax consequences. Specifically, gifting property directly now as oppose to waiting until death can be a costly mistake and result in higher than necessary future capital gains tax to the recipient. The situation becomes even more complicated when rental property is involved. Read More.
Lawmakers May Let the Payroll Tax Cut Expire
By The BIDaWIZ Team on August 1st, 2012 at 7:00 pm
The social security payroll tax cut that many Americans have enjoyed the past two years is set to expire on December 31, 2012. Lawmakers and the President appear to be in agreement with letting the payroll tax cut expire and focusing on extending the Bush tax cuts. What will this mean for you? Read More.
Many Investors & High Income Earners Will Face Higher Taxes in 2013
By The BIDaWIZ Team on July 2nd, 2012 at 9:00 pm
The Supreme Court’s decision to uphold the heath care mandate means that many investors will be penalized with higher taxes in 2013. The degree in which tax rates rise is still up for debate, but we know for sure that they’ll rise at least 3.8%. Read More.
The Tax Consequences For Inheriting A Relative’s IRA
By The BIDaWIZ Team on June 26th, 2012 at 8:00 pm
Moving Your IRA Assets From One Financial Institution To Another
By The BIDaWIZ Team on June 26th, 2012 at 5:00 pm
Discussing Estate Planning And Wills With Your Parents
By The BIDaWIZ Team on June 13th, 2012 at 6:00 pm
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