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TAX PREPARATION, TAX SAVINGS

Why Is My Tax Refund So Much Lower This Year?

By The BIDaWIZ Team on April 13th, 2012 at 11:00 am

Those taxpayers that already filed their returns should have received a tax refund by now if they paid too much in withholding taxes. Most of us are almost programmed to expect a big tax refund in April or May. This is why many taxpayers find themselves perplexed when their tax refund is much smaller than expected even though their income was similar to last year. .
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TAX SAVINGS

These Expenses Are Surprisingly NOT Deductible

By The BIDaWIZ Team on April 11th, 2012 at 4:30 pm

We’re in crunch time now with tax season as personal returns or extensions must be filed by next Tuesday, April 17th. Before filing, tax filers should review the return carefully to make sure that all of the expenses claimed are in fact tax deductible. Read More.

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TAX SAVINGS

Is A Pet a Valid Tax Deduction?

By The BIDaWIZ Team on April 5th, 2012 at 12:00 pm

There are many taxpayers that actually claim their pets as a dependent on their tax returns. To set the record straight, in almost all circumstances, a pet is not a valid tax deduction. However, there are certain instances in which the pet can be deductible. Find out if your pet qualifies. Read More.

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TAX SAVINGS

Are There Any Tax Breaks For Owning a Vacation Home & Renting It?

By The BIDaWIZ Team on April 4th, 2012 at 10:00 pm

Sometimes taxpayers that own vacation homes miss out on some valuable tax breaks. This may impact you because believe it or not, the IRS considers many types of dwellings a vacation home: house, condo, co-op, RV, house trailer, and even a boat with cooking, sleeping, and restroom amenities. What are the potential tax breaks and should I also consider renting it out? Read More.

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TAX BREAKS, TAX SAVINGS

What Types of Travel and Entertainment Expenses Can You Writeoff?

By The BIDaWIZ Team on March 16th, 2012 at 2:00 pm

Some of the most significant expenses that small businesses can deduct relate to travel & entertainment. Unfortunately, the tax code doesn't make it very easy for us to identify what we can & cannot deduct on our return. .
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TAX SAVINGS

Tax Breaks for College Students and Their High Income Parents

By The BIDaWIZ Team on March 15th, 2012 at 11:30 pm

There are a few valuable tax deductions and credits that parents and students can take advantage of for the 2011 tax year. Parents that are even high income earners can pass along certain tax breaks to their college kids. Read More.

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TAX SAVINGS

Managing Your Mutual Fund Shares to Reduce Your Tax Liability

By The BIDaWIZ Team on March 14th, 2012 at 3:00 pm

We are often told to invest in mutual funds with a strong track record and low expense ratios. Let's also not forget about tax efficiency as an investment criteria. .
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TAX SAVINGS

Lesser Known 2011 Tax Deductions to Claim on Your Personal Return

By The BIDaWIZ Team on March 1st, 2012 at 7:00 pm

As you or your tax preparer begin to gather the supporting documentation to claim deductions, now is the time to learn about the lesser known ones. We've compiled a list for you so you don't miss out. .
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TAX SAVINGS

There Are Still $1 Billion in Unclaimed 2008 Tax Refunds

By The BIDaWIZ Team on February 24th, 2012 at 11:00 am

Have you filed your 2008 tax return and claimed your refund yet? If not, you may be one of the more than 1 million people that are owed $1 billion in tax refunds from 2008. Read More.

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MORTGAGES, TAX SAVINGS

Overlooked Tax Benefits For Refinancing Your Mortgage

By The BIDaWIZ Team on February 23rd, 2012 at 3:00 pm

Rates for a 30-year mortgage remain near record lows at ~4%. As a result, many homeowners that have refinanced their homes have benefited from lower monthly interest payments. However, many still seem to overlook key tax deductions associated with it. .
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