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Trusted Answers From Licensed Business Professionals
TAX BREAKS

Is Your Business Taking Advantage of State Tax Breaks Too?

By The BIDaWIZ Team on May 24th, 2012 at 4:00 pm

Most businesses stay on top of changes to federal tax breaks such as bonus depreciation. Yet, very few know about the tax benefits offered at the state level which in some cases can yield significant savings. Is your business keeping track of all of the state-wide tax breaks available? .
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BUDGETING

The Real Costs For Using Frequent Flyer Miles Are Rising

By The BIDaWIZ Team on May 24th, 2012 at 10:00 am

There is an ethos among travelers that plane tickets are free when using frequent flyer miles to make the purchase. The truth is that taxes and fees can amount to 15% of the face value of the ticket and even 50% or higher for international travel. Some travelers know about the fees but do they know about the rising costs for reward seats? Read More.

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TAX BREAKS

Are Small Businesses Buying Into the Health Care Tax Credit?

By The BIDaWIZ Team on May 23rd, 2012 at 11:00 pm

A recently released report by the Government Accountability Office (GAO) indicates that many small businesses passed on the heath care tax credit. This is not a major surprise, but the numbers reveal a significant lack of participation. While 170,300 small business claimed the credit, around 1.2 to 3.8 million passed on the credit even though they were eligible. The total amount of credits claimed is equivalent to $468 million which translates to $2,750 per small business. Did your small business pass on the tax credit? .
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TAX PLANNING

Are You Near The Age When You Have To Take IRA Distributions?

By The BIDaWIZ Team on May 22nd, 2012 at 12:00 pm

Those of us that socked away thousands of dollars from our paychecks and put it into IRAs or 401(K) plans, may need to start thinking about withdrawals. If you are turning 70 1/2 very soon, you will need to take IRA distributions. Find out if there is a way around this requirement. .
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FINANCING

What Banks Review First When Evaluating A Business Loan Application

By The BIDaWIZ Team on May 18th, 2012 at 2:00 pm

Banks are still fairly risk averse when evaluating a small business loan application. Most loan officers will try to answer a few very basic questions before getting into all of the details. Can the borrower pay us back? Will they pay us back? Do they have sufficient collateral that we can obtain if they don't pay us back? The amount of cash the potential borrower has on their balance sheet will not sufficiently answer these questions. Find out what bankers review first on a loan application. .
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TAX SAVINGS

The Wealthy Should Pay Attention To This Estate Planning Trick

By The BIDaWIZ Team on May 17th, 2012 at 6:00 pm

We all know that Facebook’s founding team and early investors will make millions off the IPO. But, most of us probably aren’t aware that many of them will owe little to no taxes as result of setting up a trust. Those of us that are millionaires or soon to be may want to learn how Facebook’s elite has avoided taxes as it may be a useful legal maneuver for you too. Read More.

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TAX SAVINGS

Don’t Forget Your VAT Tax Refund When Traveling Overseas

By The BIDaWIZ Team on May 17th, 2012 at 1:00 pm

We're into the summer months when overseas travel reaches its peak. Travelers should be cognizant of the value added tax (VAT) which can be as high as 25% in some countries (i.e. Sweden). .
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TAX PLANNING, TAX SAVINGS

The Wealthy Should Prepare For The Expiring Gift Tax Exemption

By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm

Wealthy individuals that are seeking to pass along their wealth to their children and grandchildren need to be mindful of a major tax break that is set to expire at the end of 2012. Most of us know that we can gift up to $13,000 per year ($26,000 per married couple) to anyone tax-free. But, there is something else called the lifetime gift tax exemption that allows individuals to gift much more tax-free. .
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TAX PREPARATION

Does Amending Your Tax Return Increase Your Chances of An Audit?

By The BIDaWIZ Team on May 10th, 2012 at 6:00 pm

Individual tax returns or extensions were due about three weeks ago. Yet, many filers likely discovered that they made a mistake by unintentionally under-reporting income or expenses. Still, the taxpayer needs to correct it, even if that means ultimately having to pay more tax and amending their federal and state tax returns. So, what are the chances of being audited now that you have to amend your tax return? Read More.

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INVESTING

When Should I Start Taking Social Security Benefits?

By The BIDaWIZ Team on May 10th, 2012 at 2:00 pm

The jury is still out on what will happen to the social security program which is expected to become insufficient by 2033 or in roughly 20 years. This means that workers under the age of 42 aren't expected to receive the full social benefits due to them. Rather, they will be lucky if they get 75% of their benefits. Still, it is important to know when is the right time to start taking social security benefits. .
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