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CREDIT CARDS, FINANCIAL ADVICE

Protections For Small Business Credit Card Holders Continue to Lag

By The BIDaWIZ Team on August 9th, 2012 at 6:00 pm

Many small business owners are finding that consumer credit cards are providing more financial flexibility and greater protections than business cards. Specifically, the credit card act of 2009 provides significant protections for consumer issued cards. Should you consider a consumer credit card for your business purchases? .
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TAX SAVINGS

Who Can Claim the Mortgage & Property Tax Deductions in a Divorce?

By The BIDaWIZ Team on August 9th, 2012 at 11:00 am

Typically, spouses in a divorce focus most of their efforts on gaining custody of their children and maintaining residence in the family home. The judge in a divorce case will eventually make a decision on both issues, but the residence ruling can have a long lasting tax impact. Specifically, certain mortgage and property tax payments may be claimed in part or entirely on one or both spouses' tax returns. It depends on the language of the divorce decree and the guidance provided by the IRS. .
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TAX PLANNING

Can I Still Claim the Capital Gains Exclusion If I Sell Within 2 Years?

By The BIDaWIZ Team on August 9th, 2012 at 8:30 am

Homeowners that have lived in their primary residence two of the past five years are eligible for a $250,000 capital gains exclusion when they sell it; $500,000 if married and filing jointly. Those that sell their home without meeting the IRS use and ownership tests, may still be able to claim a reduced capital gains exclusion. Are you eligible for the reduce capital gains exclusion? Read More.

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TAX PLANNING

Preserving Your Spouse’s Estate Tax Exemption

By The BIDaWIZ Team on August 8th, 2012 at 9:00 pm

A long standing issue that required extensive predeath planning, has been resolved with the IRS’s recent guidance on an estate tax law passed by Congress. Understanding this new policy can save wealthy families millions in taxes for their heirs. Read More.

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TAX REPORTING

Claiming Unreimbursed Partner Expenses in a Partnership

By The BIDaWIZ Team on August 3rd, 2012 at 12:00 pm

Employees that travel frequently usually accumulate out of pocket expenses that are sometimes not reimbursed by their employers. These expenses are typically claimed as a Schedule A itemized deduction on the individual's tax return. But, what happens if a partner and not an employee of a partnership has out of pocket expenses? How is that treated for tax purposes? .
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INSURANCE

The Expected Trend Toward Defined Contribution Health Plans

By The BIDaWIZ Team on August 3rd, 2012 at 1:00 am

Many of us are familiar with defined contribution plans as they relate to our employer sponsored retirement accounts (i.e. 401k). This model may soon become popular with health care plans. .
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SALES TAX

Online Shoppers May Have To Pay A Use Tax Soon

By The BIDaWIZ Team on August 2nd, 2012 at 6:00 pm

Most online shoppers understand that they have to pay state sales tax when they purchase from an online seller with a physical location in their state or tax nexus. However, most online shoppers don’t realize that some states require that they remit sales tax or what is commonly called a “use tax” to their state even if the online seller doesn’t have a physical presence. Read More.

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TAX PLANNING

Should I Gift Rental Property To My Child Or Wait?

By The BIDaWIZ Team on August 2nd, 2012 at 4:00 pm

Individuals looking to pass along their wealth to their children need to be mindful of future tax consequences. Specifically, gifting property directly now as oppose to waiting until death can be a costly mistake and result in higher than necessary future capital gains tax to the recipient. The situation becomes even more complicated when rental property is involved. Read More.

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TAX PLANNING, TAX SAVINGS

Lawmakers May Let the Payroll Tax Cut Expire

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

The social security payroll tax cut that many Americans have enjoyed the past two years is set to expire on December 31, 2012. Lawmakers and the President appear to be in agreement with letting the payroll tax cut expire and focusing on extending the Bush tax cuts. What will this mean for you? Read More.

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BUDGETING

2012 Sales Tax Holidays Start Next Week For Many Shoppers

By The BIDaWIZ Team on July 26th, 2012 at 8:00 pm

‘Tis the season for state sales tax holidays for many back to school students and other shoppers. We’ve compiled a list of states offering a sales tax holiday for consumers with information related to the items that qualify. Find out if your state is temporarily dropping sales tax next week or in the near future. Read More.

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