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Trusted Answers From Licensed Business Professionals
TAX BREAKS

Can Self Employed Business Owners Deduct Medicare Premiums?

By The BIDaWIZ Team on November 21st, 2012 at 5:00 pm

Accounting for self-employed medicare premiums can get tricky as tax policy has changed over the years. Understanding the new tax laws can save medicare recipients on current and prior year tax returns. .
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STATE INCOME TAX, TAX PLANNING

The 2013 Tax Increase Will Impact Families Living In These States

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

Congress and the President still have time to act to prevent tax increases across the board in 2013. Still, the consensus suggests that at least some tax breaks will be reduced or eliminated in 2013 and many will likely pay higher taxes. The tax foundation recently performed an analysis by state to identify how families earning median incomes will fare with a seemingly new tax landscape in 2013. Are you living in state that’s likely to experience a steep tax increase? Read More.

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MARKETING

How Can I Generate Customer Leads With A Limited Marketing Budget?

By The BIDaWIZ Team on November 16th, 2012 at 11:30 am

Getting new customer leads is a common problem that many new and existing businesses face. They may have a great product or service, but not the right marketing plan and process in place. There are many different ways to generate leads. The most notable ways include word of mouth referrals, advertising, forming alliances, networking, public relations, social media to some extent and then good old direct sales (i.e. cold calling). The method that’s most appropriate for your business will depend on the size of your company, your industry, budget and specific goals. However, let's focus on the two factors that are most important to small businesses in choosing a starting point: time and cost. Which method will take the least amount of time and also cost the least in the short-term? .
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TAX PLANNING

Your Social Security Benefits May Be Taxed

By The BIDaWIZ Team on November 16th, 2012 at 10:00 am

For years, taxpayers are subject to social security taxes on the income they earn. It may seem ironic that when they decide to start taking social security benefits, that income is likely taxable should they still receive income from other sources. The government argues that there isn't a tax on those taxes, which is why benefits may be taxable later on in life. Will your social security benefits be taxable when you retire? .
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TAX PLANNING

Major Changes Could Be Coming To The Mortgage Interest Deduction

By The BIDaWIZ Team on November 15th, 2012 at 7:00 pm

Perhaps the most popular tax deduction of them all will be changing come 2013. We all know that President Obama has plans to raise taxes for the wealthy, but the agenda also calls for potentially limiting the mortgage interest deduction. This may have a far reaching impact for both the wealthy and the middle class. .
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PERSONAL FINANCE

The Major Ways To Protect Your Assets Against Claims

By The BIDaWIZ Team on November 9th, 2012 at 5:00 pm

There is absolutely no full-proof way to protect yourself and your assets against all types of claims set forth against you. However, you can take specific steps to protect yourself by making it difficult and costly for a creditor to obtain all of your assets. .
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TAX REPORTING

Severance Pay Might Not Be Subject To Social Security & Medicare Taxes

By The BIDaWIZ Team on November 9th, 2012 at 4:00 pm

Two federal appeals courts have reached different conclusions as to whether or not severance pay is subject to payroll taxes. As you might be aware, payroll taxes are paid by both employees and employers and are currently 13.3% for all wages earned up to $110,100. We believe there's a strong case to be made for why severance pay should not be subject to social security and medicare taxes. .
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TAX BREAKS

What An Obama Victory Means For Small Businesses

By The BIDaWIZ Team on November 8th, 2012 at 8:00 pm

This is what we would call a “status quo” re-election in that many of the tax and health care events that were scheduled to go into effect likely will with Obama’s recent victory. Of course, there will be some compromise with a split Congress, but small businesses can expect many of the tax and health care changes to go into effect in 2013. What does this specifically mean for small business tax and health care planning? Read More.

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TAX SAVINGS

What Are The Tax Breaks For Purchasing A Home in 2012

By The BIDaWIZ Team on November 8th, 2012 at 10:45 am

If you purchase your home before year end, you are eligible for a few tax breaks which will offset your taxable income. In addition, you’ll be able to apply several tax breaks to your 2013 tax return when tax rates are scheduled to rise given President Obama’s recent victory. Find out the tax benefits for purchasing a home now. Read More.

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PERSONAL FINANCE

A New And More Affordable Student Loan Program

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

This may be music to the ears of recent graduates that are encumbered with student loan debt. The U.S. Department of Education recently released the final regulations for President Barack Obama's "Pay as You Earn" student loan program. This program is designed to help lower the now $1 trillion of federal student loans that are outstanding, which is greater than all of the credit card debt owed by borrowers. Find out how this program works. .
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