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Trusted Answers From Licensed Business Professionals
FINANCIAL ADVICE

Are Your Customers Paying You On Time?

By The BIDaWIZ Team on August 23rd, 2012 at 8:00 pm

irs definition primary residence
Cash is king as they say. Yet, some businesses don't have an effective cash collection process in place to make sure that their clients pay them on time. It's very easy for businesses to become relaxed after the sales agreement is signed. However, when they aren't collecting cash for goods or services rendered on time, they are essentially extending credit to their customers. Find out how to get paid quickly. .
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TAX PLANNING, TAX SAVINGS

Selling or Renting A Home Purchased With the Homebuyer Tax Credit

By The BIDaWIZ Team on August 23rd, 2012 at 1:00 pm
irs definition primary residence

The first-time homebuyer tax credit craze began in 2008 for most purchasers. Four years later, there may still be tax implications for those that claimed the credit. Did you sell or are now renting a home you purchased with the first-time homebuyer tax credit? Read More.

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INVESTING

Should You Setup a Custodial Account For Your Child?

By The BIDaWIZ Team on August 22nd, 2012 at 4:00 pm

Parents that have already setup a 529 plan or Roth IRA for their child, may want to consider a custodial account as well. This account will effectively provide your young child with some capital when they are no longer a minor. Still, should you set one up and what are the drawbacks? .
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MORTGAGES

Refinancing a Second Home May Not Be As Easy As You Think

By The BIDaWIZ Team on August 20th, 2012 at 8:00 pm

Those lucky enough to have a vacation home or investment property, may be getting anxious to refinance with average 30 year and 15 year mortgage rates at 3.75% and 3.00%, respectively. However, property owners need to aware that lenders typically have a different and stricter set of guidelines when reviewing a refinancing application for a second home. .
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TAX PLANNING

Retirement Planning For the Self-Employed

By The BIDaWIZ Team on August 17th, 2012 at 2:00 am

We are finding that the older generation or those between the ages of 55 to 64 years old, are increasingly working for themselves. The retirement planning decisions that these individuals make are critical for their financial future. There are two main options that allow self-employed individuals to deduct a portion of their income and grow it tax-free. They are the individual 401(k) and the SEP-IRA. .
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TAX SAVINGS

Which Property is Considered My Primary Residence?

By The BIDaWIZ Team on August 16th, 2012 at 11:00 pm
irs definition primary residence

Many wealth homeowners and interstate commuters, live in multiple locations throughout the year. In some instances, a place that they may not consider a primary residence, can qualify and significantly reduce their capital gains tax. Read More.

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TAX PLANNING

Can I Setup a Low Minimum Roth IRA For My Child?

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

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Minors with earned income should establish a Roth IRA for the tax-free appreciation that they will benefit from after reaching the age of 59 1/2. Fortunately, there are some custodians that have low to no minimum investment requirements which is a perfect option for your child. .
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TAX PLANNING

Transferring Property Into a Trust to Preserve The Gift Tax Exemption

By The BIDaWIZ Team on August 15th, 2012 at 10:00 am

The generous $5.12 million gift tax exemption for single filers and $10.24 million for joint filers, is scheduled to revert to $1 million and $2 million, respectively in 2013. It’s true that Congress may decide to temporarily extend the current gift tax exemption through 2013, since we’re in an election year, but we expect it to eventually be reduced within the next couple of years. This pending tax change coupled with a depressed real estate market, offers homeowners a compelling opportunity to transfer property to a trust for significant tax benefits. Read More.

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FINANCING

A Tax Free Way To Use An IRA or 401K to Start Your Own Business

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

The traditional lending market continues to provide little, if any, leniency when it comes to newbie entrepreneurs. In the past, we’ve discussed this issue and have recommended several alternative financing options to help fund new businesses. However, we’ve yet to discuss how funds in an IRA or 401K can be used as an effective way of getting started. Recently, we sat down with Jeremy Ames, the CEO and Co-founder of Guidant Financial, to discuss this attractive option. Read More.

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