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Trusted Answers From Licensed Business Professionals
TAX PLANNING

At 50, You Can Stash More Money Into Your Retirement Account

By The BIDaWIZ Team on May 9th, 2012 at 1:30 pm

Most of us are familiar with the benefits from contributing to a individual retirement account (IRA) or 401(K) plan early in life. In a nutshell, it prepares you financially for when you retire. Fortunately, lawmakers realize that not everyone is able to stash as much into their retirement accounts as they would like to early in life. Those turning age 50 and beyond, may be able to benefit from contributing more to their retirement accounts than when they were younger. .
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MORTGAGES

Lending Money To Family And Cutting Out the Bank

By The BIDaWIZ Team on May 4th, 2012 at 8:00 pm

Banks are still only offering clients a whopping 0.50% per year and only 0.91% for the most generous savings accounts. Clients in search of a home equity loan may be hard pressed to find an interest rate below 6%. Many families are noting this spread and taking the middleman (i.e. bank) out of the equation. The financial benefit with this approach does come with certain risks. Read More.

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FINANCIAL ADVICE, MARKETING

What Small Businesses Need To Do Before Partnering With A Goliath

By The BIDaWIZ Team on May 4th, 2012 at 2:30 pm

Many entrepreneurs try to partner with a large company to distribute their product or service to the masses. But, this can often lead to two very different outcomes. Learn how to find the right partner for your business. .
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BANKRUPTCY QUESTIONS

When Should I File For Bankruptcy?

By The BIDaWIZ Team on May 3rd, 2012 at 10:00 pm

While personal bankruptcy rates are on the decline from a high of almost 1.6 million in 2010, there were still nearly 1.2 million individuals that filed for bankruptcy in 2012 (source: uscourts.gov). If you believe you're on the brink of financial collapse, it is important to know when is the right time to file for bankruptcy. .
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TAX REPORTING

You Will Soon Find Out How Expensive Your 401(K) Plan Is

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

The new 401(k) disclosure rules will soon provide employees with information about the fees and expenses connected to their 401(k) plans. The fees administrators charge plan participants has always been nearly impossible to identify and many employees mistakenly think their 401(k) is free. Read More.

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TAX REPORTING, VALUATION

Valuing a Non-Compete Clause When Selling a Business

By The BIDaWIZ Team on May 2nd, 2012 at 3:00 pm

Most business owners that plan to sell their company are asked by the buyer to include a non-compete clause in the legal agreement. This can have significant tax implications to both the seller and the buyer. .
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TAX REPORTING

Do You Recommend Setting Up An LLC or LLP?

By The BIDaWIZ Team on April 27th, 2012 at 4:00 pm

New businesses have many options to choose from when it comes to selecting a legal entity. It's nice to have options but business owners sometimes misunderstand the differences. Specifically, as it relates to LLCs and LLPs. .
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TAX PLANNING

Tax Tips When Withdrawing From Your Roth IRA Early

By The BIDaWIZ Team on April 27th, 2012 at 3:00 pm

Back in 2010, many taxpayers with traditional IRAs, were given the opportunity to convert to a Roth IRA, which grows tax-free. Now those same taxpayers under the age of 59 1/2, may want to withdraw funds from their Roth IRA without paying tax or facing a penalty, which is possible. Read More.

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TAX SAVINGS

What Tax Breaks Are Available When Selling A Home?

By The BIDaWIZ Team on April 27th, 2012 at 1:30 pm

Many homeowners or at least 25% of them are still underwater. Yet, there are still folks out there that could sell their home today for a profit. If this is your case, you should know if there are any tax benefits available. .
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TAX REPORTING

What Is The Correct Amount of Sales Tax For Discounts & Groupons?

By The BIDaWIZ Team on April 27th, 2012 at 12:00 pm

Many retailers confuse state sales tax rules when discounted items come into the equation. Are you charging or being charged the correct amount of sales tax? .
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