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TAX PLANNING

The 2011 IRA Contribution Deadline Also Impacts High Income Earners

By The BIDaWIZ Team on April 3rd, 2012 at 4:00 pm

The April 17th deadline for individuals to file their tax returns is quickly approaching. That's not the only deadline that tax filers should be thinking about. IRA holders (both Traditional & Roth) have until the tax filing deadline to contribute to their retirement accounts. .
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TAX PLANNING, TAX PREPARATION

When is the Actual Deadline to Contribute to My 401(K)?

By The BIDaWIZ Team on March 2nd, 2012 at 12:00 pm

There is quite a bit of confusion going around the web about the deadline to contribute to a 401(k) plan. Much of the debate can be resolved by noting the difference between a Traditional and a Solo 401(K). .
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TAX PLANNING

What is a Spousal IRA and Should I Open One For My Spouse?

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

When we think about an IRA, our initial reaction is that we need to have earned income to contribute to the account. However, spouses that stay at home, were laid off, or are just taking time off from work, can also benefit from a spousal IRA. .
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MORTGAGES, TAX PLANNING

How Will A Short Sale Impact My Credit Score And Tax Liability?

By The BIDaWIZ Team on February 17th, 2012 at 1:00 pm

The December 2011 home sale numbers indicated that 13% of the 4.61 million homes sold were part of a short sale (19% were in foreclosure). These sales have potentially significant consequences to the homeowner's credit score and they often have questions about the tax impact too. .
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TAX PLANNING

Are Your Frequent Flyer Miles Now Taxable?

By The BIDaWIZ Team on February 2nd, 2012 at 12:00 pm

The constant changes airlines are implementing to their frequent flyer programs should not be the only thing to worry about for your miles. Now, you could actually also be on the hook for taxes. Read More.

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SMALL BUSINESS, TAX PLANNING

The Proposed Millionaires Tax Could Hurt Small Businesses & Retirees

By The BIDaWIZ Team on January 26th, 2012 at 7:00 pm

While there may be some benefits to the tax, small business owners and retirees may be inadvertently penalized by the proposed plan. .
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TAX PLANNING, TAX PREPARATION

What Happened with the Personal Tax Breaks that were Set to Expire?

By Susan Ladika on January 4th, 2012 at 12:00 pm

The most prominent was the debate over the payroll tax cut. It took weeks of dickering, but Congress finally approved extending the tax cut – but only for two months. That means we’re likely to either see another round of brinksmanship before the cuts are extended again, or payroll taxes will rise. Read More.

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TAX PLANNING

What Should I Know to Avoid the Alternative Minimum Tax?

By Susan Ladika on December 21st, 2011 at 1:00 pm

The alternative minimum tax (AMT) was originally created as a way to ensure that wealthy taxpayers not take advantage of tax loopholes and instead pay a minimum amount of federal income tax. While it's a worthy goal, the AMT has not been adjusted for inflation, so the number of people required to pay the AMT grows. But the brouhaha in Congress over the payroll tax holiday also leaves the AMT "patch" - which limits the number of people required to pay alternative minimum tax – up in the air. .
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TAX PLANNING

A Rundown of the Individual Tax Breaks Set to Expire at Year End

By The BIDaWIZ Team on December 15th, 2011 at 1:00 pm

Individual year-end tax strategies should account for the breaks that are set to expire come January 2012. Mainly, accelerate the deductions associated with these breaks to get the full benefit of them before it’s gone in 2012. Find out which tax breaks are set to expire and how to prepare. Read More.

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TAX PLANNING

Capital Gains Tax Planning for Year End

By The BIDaWIZ Team on December 15th, 2011 at 12:30 pm

There are two weeks left to act on any investment decisions to limit your capital gains tax exposure. The first step is to review your investment portfolio to determine if selling some losers before year end will offset capital gains you have already realized. Let’s also not forget to consider actual and expected income in this decision. Read More.

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