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TAX PLANNING

Will We Owe Taxes For Selling Our Home Before We Are Divorced?

By The BIDaWIZ Team on June 11th, 2012 at 6:00 pm

No one likes going through the financial details of a divorce, but, it's necessary. Fortunately, the process of determining your tax liability for selling your home should be straight forward. But, soon to be divorcees need to meet certain requirements to claim the capital gains tax exclusion. .
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INVESTING, TAX PLANNING

Teachers Need To Be Wary Over Their 403(b) Retirement Plans

By The BIDaWIZ Team on June 7th, 2012 at 6:00 pm

We've all heard of 401(k) plans offered by employers to help their employees plan for retirement. Rarely, do we hear about 403(b) plans which are commonly offered to public school employees and 501(c) organizations (i.e. hospital workers, church associations, and local government groups). Teachers need to be very cautious in relying solely on those plans for retirement. .
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INVESTING, TAX PLANNING

Why You Need Both a 401(K) And a Roth IRA

By The BIDaWIZ Team on June 7th, 2012 at 2:00 pm

For some, building a retirement plan is equivalent to allocating a portion of ones paycheck toward their 401(k). While contributing to a 401(k) plan is a step in the right direction, it by no means secures a path to a fruitful retirement. What else should you be doing to prepare for retirement? .
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TAX PLANNING, TAX SAVINGS

Preparing For the New Limit On Your Flexible Spending Account

By The BIDaWIZ Team on June 1st, 2012 at 3:00 pm

Recently, your employer requested that you update your employee benefits plan. One of those elections may have been for your flexible spending account (FSA) which allows you to allocate pre-tax dollars towards your medical expenses for the year. Starting in 2013, the amount of funds employees can allocate to an FSA will be capped at $2,500. Read More.

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TAX PLANNING

Are You Near The Age When You Have To Take IRA Distributions?

By The BIDaWIZ Team on May 22nd, 2012 at 12:00 pm

Those of us that socked away thousands of dollars from our paychecks and put it into IRAs or 401(K) plans, may need to start thinking about withdrawals. If you are turning 70 1/2 very soon, you will need to take IRA distributions. Find out if there is a way around this requirement. .
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TAX PLANNING, TAX SAVINGS

The Wealthy Should Prepare For The Expiring Gift Tax Exemption

By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm

Wealthy individuals that are seeking to pass along their wealth to their children and grandchildren need to be mindful of a major tax break that is set to expire at the end of 2012. Most of us know that we can gift up to $13,000 per year ($26,000 per married couple) to anyone tax-free. But, there is something else called the lifetime gift tax exemption that allows individuals to gift much more tax-free. .
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TAX PLANNING

At 50, You Can Stash More Money Into Your Retirement Account

By The BIDaWIZ Team on May 9th, 2012 at 1:30 pm

Most of us are familiar with the benefits from contributing to a individual retirement account (IRA) or 401(K) plan early in life. In a nutshell, it prepares you financially for when you retire. Fortunately, lawmakers realize that not everyone is able to stash as much into their retirement accounts as they would like to early in life. Those turning age 50 and beyond, may be able to benefit from contributing more to their retirement accounts than when they were younger. .
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TAX PLANNING

Tax Tips When Withdrawing From Your Roth IRA Early

By The BIDaWIZ Team on April 27th, 2012 at 3:00 pm

Back in 2010, many taxpayers with traditional IRAs, were given the opportunity to convert to a Roth IRA, which grows tax-free. Now those same taxpayers under the age of 59 1/2, may want to withdraw funds from their Roth IRA without paying tax or facing a penalty, which is possible. Read More.

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MORTGAGES, TAX PLANNING

Major Tax Break May Expire For Homeowners That Are Underwater

By The BIDaWIZ Team on April 10th, 2012 at 5:00 pm

The February 2012 existing home sale figures indicate that 34% of the homes sold were at deep discounts (20% due to foreclosures and 14% due to short sales). Homeowners that are currently underwater need to be aware of the tax break that is scheduled to expire at the end of 2012. Read More.

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TAX PLANNING

Will The Dividend Tax Rate Rise in 2013?

By The BIDaWIZ Team on April 5th, 2012 at 6:00 pm

We're back to the waiting game of trying to figure out if the dividend tax rate will rise as scheduled on January 1, 2013. Back in 2010, we were in this same predicament but Congress decided to kick the can down the road and extend the Bush tax cuts. Will it happen again? Either way, let's explore the consequences so we can prepare for each outcome. .
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