Trusted Answers From Licensed Business Professionals
The Wealthy Should Prepare For The Expiring Gift Tax Exemption
By The BIDaWIZ Team on May 11th, 2012 at 3:00 pm
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.
At 50, You Can Stash More Money Into Your Retirement Account
By The BIDaWIZ Team on May 9th, 2012 at 1:30 pm
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.
What Tax Breaks Are Available When Selling A Home?
By The BIDaWIZ Team on April 27th, 2012 at 1:30 pm
Is It Better To Use Savings Bonds For Tuition or Student Loans?
By The BIDaWIZ Team on April 20th, 2012 at 3:00 pm
Students that are debating how to pay for their tuition and loans, have an important decision ahead of them. If they have Series EE US Savings Bonds, they need to decide if they should use their bonds for tuition or to pay off their student loans. Read More.
Does Filing an Extension Increase My Chances of Being Audited?
By The BIDaWIZ Team on April 17th, 2012 at 2:00 pm
Taxpayers that are considering filing an extension or already did, may want to know what the consequence is for filing an extension, if any. Read More.
What Steps Should I Take to Fix an Incorrect Tax Refund?
By The BIDaWIZ Team on April 13th, 2012 at 3:00 pm
Why Is My Tax Refund So Much Lower This Year?
By The BIDaWIZ Team on April 13th, 2012 at 11:00 am
Those taxpayers that already filed their returns should have received a tax refund by now if they paid too much in withholding taxes. Most of us are almost programmed to expect a big tax refund in April or May. This is why many taxpayers find themselves perplexed when their tax refund is much smaller than expected even though their income was similar to last year. Read More.
These Expenses Are Surprisingly NOT Deductible
By The BIDaWIZ Team on April 11th, 2012 at 4:30 pm
We’re in crunch time now with tax season as personal returns or extensions must be filed by next Tuesday, April 17th. Before filing, tax filers should review the return carefully to make sure that all of the expenses claimed are in fact tax deductible. Read More.
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