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TAX SAVINGS

The Tax Breaks Improve For Commuters in 2013

By The BIDaWIZ Team on January 17th, 2013 at 5:00 pm

Lawmakers provided certain taxpayers that commute to work with a nice gift to bring in the New Year. The tax-free fringe benefit for using public transportation as well as qualified parking was increased for 2013 and retroactively applied to 2012. The change can save certain taxpayers several hundred to a thousand dollars annually. Find out if you’ll be a beneficiary. Read More.

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MORTGAGES

Can You Still Obtain A Mortgage After A Short Sale?

By The BIDaWIZ Team on January 16th, 2013 at 3:00 pm

Many homeowners are still underwater on the properties that they purchased 5 to 7 years ago. They may be able to meet mortgage payments, but they could have a home with a $250,000 mortgage that is now worth $125,000. Should an owner that wants to move out, consider a short sale? If so, what are the consequences to their credit and taxes? .
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TAX PLANNING

What Types of Debt Relief Are Excluded From Taxable Income?

By The BIDaWIZ Team on January 11th, 2013 at 5:15 pm

Many debtors may have reached an agreement with their lender to settle their debts in 2012. The tax implications for doing so, depend largely on what type of debt was relieved and the financial state of the debtor. Did you have debt relieved in 2012? Read More.

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TAX PREPARATION

When Should I Start Filing My 2012 Tax Returns?

By The BIDaWIZ Team on January 11th, 2013 at 12:00 pm

The tax filing season is about to start for many taxpayers. However, the day that the IRS will begin processing tax returns has been delayed further due to the last minute tax agreement reached by Congress. When should you file your tax return? Read More.

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TAX REPORTING

Is Your Business Ready To Issue 2012 1099 Forms?

By The BIDaWIZ Team on January 10th, 2013 at 5:00 pm

The January 31st deadline to complete and send 1099 and W-2 Forms to your contractors and employees is quickly approaching. Find out what you need to know about these forms and the penalties for failing to issue them to your contractors, employees and the IRS by the deadline. Read More.

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TAX SAVINGS

Seniors Can Now Donate Their IRAs To Charity

By The BIDaWIZ Team on January 9th, 2013 at 5:00 pm

Many seniors were hoping that lawmakers would retroactively allow individuals to donate up to $100,000 of their IRA to charity. This little known tax break expired at the end of 2011 and had many seniors waiting for it be re-initiated for 2012 and into 2013. Their wish came true, but claiming this tax break for the 2012 tax year isn't very straightforward. After all, the agreement was reached on January 1, 2013 and required minimum distributions were due on December 31, 2013. .
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TAX PREPARATION, TAX REPORTING

What Does the Fiscal Deal Mean For Your 2012 & 2013 Taxes?

By The BIDaWIZ Team on January 4th, 2013 at 5:00 pm

Despite significant criticism, congressional leaders came together in the end to sign into law new legislation that bodes well for the vast majority of individual taxpayers and small businesses. There was certainly some compromise in the tax bill, but many folks should be happy about the result. How will you benefit or not? Read More.

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TAX REPORTING

The Payroll Tax Cut Increases to 6.2% In 2013

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

Congress came through at the 25th hour by extending the Mortgage Forgiveness Debt Relief Act of 2007 through 2013. This extension positively impacts those that are in a foreclosure, short sale or are considering a deed in lieu. Read More.

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MORTGAGES

Are You Considering A Deed In Lieu Since Mortgage Relief Is Extended?

By The BIDaWIZ Team on January 4th, 2013 at 2:00 pm

Congress came through at the 25th hour by extending the Mortgage Forgiveness Debt Relief Act of 2007 through 2013. This extension positively impacts those that are in a foreclosure, short sale or are considering a deed in lieu. Read More.

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SMALL BUSINESS

How Can You Teach Entrepreneurship In School?

By The BIDaWIZ Team on January 3rd, 2013 at 9:54 pm

While textbook reading, essays and exams provide the student with a basic foundation of learning, they lack the real-life experience element that is critical to entrepreneurial development.The best projects for this type of learning are ones that expose the students to the different facets of being an entrepreneur. .
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