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INVESTING

Avoid These IRA Tax Issues When Investing

By The BIDaWIZ Team on March 1st, 2013 at 8:30 am

Many Americans contribute to their IRAs to build their retirement portfolios for later in life. The Investment Company Institute recently reported that $5.2 trillion in assets is currently held in these accounts. Yet, many Americans don't realize the complexities and potential tax issues that they can run into down the road if they don't manage these accounts appropriately. .
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TAX REPORTING

Should I Save Every Single Receipt For Taxes?

By The BIDaWIZ Team on February 22nd, 2013 at 5:00 pm

The answer to this question largely depends on the size of the expense and whether or not you’re an individual with many large expenses or a business. It technically doesn’t hurt to save every single receipt and there are tools available to easily convert hard copies to digital. Still, should you? Read More.

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BUDGETING

Have You Noticed That Food Prices Are Rising At The Market?

By The BIDaWIZ Team on February 22nd, 2013 at 2:00 pm

Inflation is beginning to take hold as food prices are rising at a greater rate than in the prior year. In addition, the core inflation reading, which excludes food and energy, increased at the highest rate in a year. While the actual core inflation data provided by the government suggests just under a 2% rate year over year, anyone that’s been to the grocery store lately will notice higher prices. Will this trend continue throughout 2013? Read More.

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TAX REPORTING

Home Based Business Income And Expense Reporting For 2013

By The BIDaWIZ Team on February 22nd, 2013 at 11:00 am

Many entrepreneurs that are starting out opt to work out of their homes instead of incurring the costs of renting office space. Those that work from home will need to be well-versed in the tax reporting requirements that the IRS often scrutinizes. .
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TAX REPORTING

Did You Receive An Incorrect 1099-K Form?

By The BIDaWIZ Team on February 21st, 2013 at 10:00 pm

Many businesses have recently received 1099-K forms issued by third-party payment processors such as PayPal. The IRS recently required that processors issue this informational form in an effort to prevent merchants from under-reporting their income. However, businesses are finding that these forms are sometimes being issued even if not required and with errors. What should you do if your business receives an incorrect form? .
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TAX SAVINGS

Are IRA Investment Fees Tax Deductible?

By The BIDaWIZ Team on February 15th, 2013 at 3:00 pm

According to the latest census data, about 40% of all US households own an individual retirement account. The majority of households or 32% own a traditional IRA account and about 15% own a Roth. Of course, some households own both. Given the large percentage of households with an IRA, we've decided to address a common question. .
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TAX SAVINGS

Lesser Known 2012 Tax Breaks For You

By The BIDaWIZ Team on February 14th, 2013 at 6:00 pm

There are many tax deductions that we all know about such as deducting mortgage interest, traditional IRA contributions and state income tax. What about the other lesser known tax breaks? Read More.

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TAX PREPARATION

Avoid These Common Tax Return Mistakes

By The BIDaWIZ Team on February 8th, 2013 at 5:00 pm

We are in full swing with tax season now that the January 30th delayed start date has passed. With that mind, many tax filers need to watch out for the most common mistakes made when completing a return. Read More.

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TAX REPORTING

Is An S Corporation Required To File Tax Returns In Multiple States?

By The BIDaWIZ Team on February 8th, 2013 at 4:00 pm

We're glad you asked this question because it's often overlooked by many business owners. If the S Corporation has owners or employees that are providing services in other states, the entity generally must file a state tax return in those states with certain exceptions. .
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