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TAX SAVINGS

Who Can Claim the Mortgage & Property Tax Deductions in a Divorce?

By The BIDaWIZ Team on August 9th, 2012 at 11:00 am

Typically, spouses in a divorce focus most of their efforts on gaining custody of their children and maintaining residence in the family home. The judge in a divorce case will eventually make a decision on both issues, but the residence ruling can have a long lasting tax impact. Specifically, certain mortgage and property tax payments may be claimed in part or entirely on one or both spouses' tax returns. It depends on the language of the divorce decree and the guidance provided by the IRS. .
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TAX PLANNING, TAX SAVINGS

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.

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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 SAVINGS

The Wealthy Should Pay Attention To This Estate Planning Trick

By The BIDaWIZ Team on May 17th, 2012 at 6:00 pm

We all know that Facebook’s founding team and early investors will make millions off the IPO. But, most of us probably aren’t aware that many of them will owe little to no taxes as result of setting up a trust. Those of us that are millionaires or soon to be may want to learn how Facebook’s elite has avoided taxes as it may be a useful legal maneuver for you too. Read More.

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TAX SAVINGS

Don’t Forget Your VAT Tax Refund When Traveling Overseas

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

We're into the summer months when overseas travel reaches its peak. Travelers should be cognizant of the value added tax (VAT) which can be as high as 25% in some countries (i.e. Sweden). .
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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 SAVINGS

What Tax Breaks Are Available When Selling A Home?

By The BIDaWIZ Team on April 27th, 2012 at 1:30 pm

Many homeowners or at least 25% of them are still underwater. Yet, there are still folks out there that could sell their home today for a profit. If this is your case, you should know if there are any tax benefits available. .
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TAX SAVINGS

Is It Better To Use Savings Bonds For Tuition or Student Loans?

By The BIDaWIZ Team on April 20th, 2012 at 3:00 pm

Students that are debating how to pay for their tuition and loans, have an important decision ahead of them. If they have Series EE US Savings Bonds, they need to decide if they should use their bonds for tuition or to pay off their student loans. Read More.

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TAX ISSUES, TAX SAVINGS

What Steps Should I Take to Fix an Incorrect Tax Refund?

By The BIDaWIZ Team on April 13th, 2012 at 3:00 pm

Let's suppose that we receive our tax refund check from the federal government or the state, but the amount is incorrect. Don't panic. There are steps you can take to resolve the matter quickly. .
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